Bitcoin’s recent price rocket has hit a temporary pause. After a massive climb past $100,000, it’s now hanging around $100,000-$101,000. While this might seem like a slowdown, many experts see it as a healthy breather before another potential surge.
Billions in New Money, But Where’s It Going?
A huge amount of new money – over $6 billion in newly minted USDT – has flooded the crypto market in the last 20 days. This brings Tether’s total market cap to a whopping $150 billion. This cash influx initially boosted Bitcoin, but things are starting to shift.
Altcoin Season Heats Up
While Bitcoin tries to hold its ground above $100,000, other cryptocurrencies (altcoins) are seeing a lot of action. As Bitcoin’s dominance decreases, Ethereum and other altcoins are attracting a significant chunk of that new investment. This suggests investors are feeling more confident about taking on higher risks. If Bitcoin keeps consolidating, we could see an even bigger altcoin rally.
Bitcoin’s Key Resistance Level
Bitcoin is currently battling to break through the $103,600 resistance level. This level has acted as a ceiling in the past. Holding above $100,000 is crucial; falling below it could trigger a more significant correction. The long-term trend is still bullish, but the short-term picture is a bit overheated. A decisive break above $103,600 would pave the way for a new all-time high, while failure to hold $100,000 could lead to a drop. For now, it’s a waiting game to see what happens next.