Bitcoin is currently doing well in the cryptocurrency market. Its price is rising and it is currently trading at $97,125.77. Ethereum is also doing well at $2,669.98, and XRP has recently gained 5.05% and is now at $2.49. Other top coins include Solana (SOL) at $206.07, BNB at $616.95, and Dogecoin (DOGE) at $0.2574.
The cryptocurrency market as a whole is valued at $3.19 trillion, which is a 1.58% increase in the past 24 hours. However, there is a sense of fear in the market according to the Fear and Greed index, which currently sits at 35. Among the top cryptocurrencies, Bitcoin leads with a dominance of 60.42%, followed by Ethereum at 10.09%.
Bitcoin is currently holding support around $95,000 to $96,000. If it breaks below this level, the next support zone is between $92,000 to $93,000. Bitcoin’s momentum is not clear at the moment and it has been moving sideways with small fluctuations. This is expected to continue for the next few days with clearer price movement possibly happening next week.
There are resistance levels for Bitcoin as well. There is a short-term hurdle just below $99,000, major resistance between $101,000 and $103,000, and even more significant resistance between $106,000 and $107,000.
Although Bitcoin is doing well above $90,000, many people are still bearish. Analysts suggest that the current situation is similar to the 2017 cycle, where there was a massive pump followed by consolidation. This could be a sign that Bitcoin is gearing up for its next big push. Crypto is said to be entering its next chapter globally.
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