Bitcoin approached the barrier of $110,000 but didn’t manage to rise above it, causing short-term traders to take profits. As a result, the price has descended to approximately $108,000. According to Daan Crypto Trades, a close above $110,000 could favor Bitcoin, but if it drops below $108,000, a deeper correction may occur.
Key Insight:
The revival of Bitcoin’s price from the moving averages can enhance market sentiment, assisting BNB, SOL, LINK, and AAVE to breach their overhead resistance.
The anticipation around former President Trump’s legislative incentives is seen as a catalyst for potential growth above previous highs. As speculation continues, the national debt forecast reaching $40 trillion by 2025 could play a pivotal role in Bitcoin’s price movements.
Analyst Rekt Capital warns the bull market momentum could reduce, potentially mirroring 2020’s trend and subsiding in a few months.
Analyzing top cryptocurrencies, significant shifts might happen if Bitcoin bounces back from current supports, potentially energizing altcoins. Explore the charts for in-depth understanding.
Bulls made attempts to drive Bitcoin past $110,500, facing robust resistance from sellers. Despite the dip, there remains considerable interest around Bitcoin’s behavior near psychological levels.
