Bitcoin is making headlines as it inches closer to its all-time high, with altcoins like Ether (ETH), Dogecoin (DOGE), Pepe (PEPE), and Cosmos (ATOM) also rallying. Here's what's driving the market and what to watch next.
Bitcoin's Bullish Momentum
Bitcoin recently broke above the $100,000 mark, signaling strong bullish sentiment. The rally is supported by 19 consecutive days of inflows into BlackRock's spot Bitcoin ETF (IBIT), totaling $1.03 billion in the latest week. This institutional demand is a key driver behind Bitcoin's upward trajectory.
Altcoins Join the Rally
While Bitcoin leads, altcoins are also showing strength:
- Ether (ETH): Surged from $1,808 to $2,600 in just two days, with potential to reach $3,000 if bullish momentum continues.
- Dogecoin (DOGE): Broke above $0.21, with eyes set on $0.31 if support holds.
- Pepe (PEPE): Rallied sharply, with a breakout above $0.000011 suggesting further gains.
- Cosmos (ATOM): Broke out of a large base, targeting $6.50 and potentially $7.50.
Key Levels to Watch
- Bitcoin: A break above $109,588 could propel it to $130,000. Support lies at $100,000 and the 20-day EMA ($96,626).
- Ether: Support at $2,320 and $2,111 is critical for maintaining bullish momentum.
- Dogecoin: Holding $0.21 is key for further upside.
- Pepe: Watch $0.000011 as a crucial support level.
- Cosmos: Sustaining above $5.15 could lead to a rally to $6.50.
Market Sentiment
The RSI for many cryptocurrencies is in the overbought zone, suggesting a potential pullback or consolidation. However, the overall sentiment remains bullish, with institutional inflows and breaking key resistance levels driving optimism.
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