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Bitcoin trades near $107,000 with potential to cross $110,000 if resistance breaks
The global cryptocurrency market is witnessing a day of mixed movement, with some coins gaining slightly and others showing small losses. Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, are currently showing minor dips, while several altcoins are experiencing limited but notable volatility. The crypto market continues to be influenced by news about regulations, institutional investment, and broader market sentiment.
Global Market Overview
As of today, the global cryptocurrency market capitalization is around $3.3 trillion. This value represents the combined market value of all cryptocurrencies in circulation. The 24-hour trading volume is estimated to be between $85 billion and $98 billion, which reflects the total amount of crypto bought and sold in a single day.
Bitcoin continues to dominate the market with a 65% share, while Ethereum holds about 8.7%. The dominance of Bitcoin suggests that investors still prefer it as a safer store of value compared to altcoins, especially in uncertain times.
Bitcoin (BTC) Price Today
Bitcoin is currently trading around $107,445, with an intraday low of $106,708 and a high of $108,084. The price has dropped slightly from the previous day, but it remains within a narrow trading range.
Despite the small decline, technical charts are showing a bullish pattern called a “bullish engulfing.” This pattern often leads to upward price movements. Historically, this setup has resulted in a price increase nearly 80% of the time.
Analysts believe that if Bitcoin breaks above the $108,000 resistance level, it could move toward $110,000 or even higher shortly. Some predict a target of up to $120,000, provided there is strong buying volume and positive market news.
A key reason behind this optimism is the growing interest from large institutions. A notable example is a Japanese investment firm, Metaplanet, which recently purchased over 1,200 BTC. The company now holds more than 12,000 BTC, worth over $1.3 billion. Such large-scale purchases often push prices higher, as they reduce the available supply.
Ethereum (ETH) Price Today
Ethereum is trading around $2,447. It saw a daily high of nearly $2,498 and a low of $2,402. The price has fallen by about 1.4% from the previous day.
Although the drop is not drastic, Ethereum is still struggling to maintain momentum above the $2,500 level. If it can hold above the support level of $2,400, it might attract new buyers and head back up. However, if it drops below $2,400, there could be further declines.
Ethereum’s price is closely watched by traders, especially because it influences the performance of many altcoins built on its network.
Altcoins: Mixed Trends
Several altcoins are also showing price movements today, though the changes are smaller than Bitcoin or Ethereum.
XRP, the digital coin associated with Ripple, has faced a legal setback. A US judge refused to lower a penalty fine of $125 million. This news has negatively affected XRP’s price.
Dogecoin, Solana, and Cardano have all seen mild losses between 2% and 4%. These coins are considered high-risk, high-reward investments and tend to follow broader trends in Bitcoin and Ethereum.
On the other hand, DeXe (DEXE) has emerged as the top gainer of the day with a nearly 6% increase in its price. This kind of move often happens when smaller coins get sudden attention from traders or experience technical breakouts.
Over the past week, some lesser-known coins like FunToken, Bedrock, and Arcana have performed very well, with gains of more than 60% to 100%. These coins are gaining popularity among short-term traders looking for quick profits.
Factors Affecting the Market Today
Government Regulations
One of the biggest drivers of the crypto market today is the ongoing discussion around government regulation in the United States. Recently, the US Senate approved a new stablecoin bill, which is a step forward in providing clear rules for the crypto industry. Many believe this is the beginning of a more stable and secure regulatory environment.
In another update, California fined a crypto ATM company for breaking rules related to customer identity checks. This shows that local governments are also taking steps to regulate crypto businesses more strictly.
Such news can have both positive and negative impacts. While clearer rules help build investor confidence, increased regulation can also limit the freedom some users value in crypto.
Institutional Investment
Large companies are continuing to buy cryptocurrencies. As mentioned earlier, Metaplanet’s purchase of a huge amount of Bitcoin shows that institutions believe in crypto's long-term value. When such companies invest, it not only boosts the market but also encourages other firms to consider similar moves.
Additionally, companies like MicroStrategy, CleanSpark, and Riot have seen their stock prices rise as they continue to support Bitcoin and blockchain technologies.
On-Chain Data and Technical Signals
On-chain data, which refers to blockchain activity, shows some interesting trends. For example, small retail investors (those holding less than 1 Bitcoin) have been selling their coins, while large holders (those holding more than 1,000 BTC) are buying more.
This shift in holdings suggests that experienced investors are confident about future price increases. Meanwhile, technical indicators on price charts suggest a possible breakout if Bitcoin crosses $108,000 with strong volume.
If the price drops below the $105,000 level, a short-term correction could occur, possibly taking it down to $103,000. But if Bitcoin holds above its current levels and moves past $110,000, a new all-time high could be within reach.
Recent Developments
The US government is increasing its focus on crypto regulations and launching lobbying campaigns.
New IPOs like that of Circle Internet Group are helping build confidence in the crypto ecosystem.
Cryptocurrency is slowly being considered by traditional finance institutions, even in areas like mortgage underwriting.
These developments suggest that while the market may seem quiet today, long-term confidence in crypto is growing.