Bitcoin is hitting record highs, ignoring all the economic doom and gloom. It recently topped $112,000, making investors pretty happy and suggesting the upward trend is still going strong. Even with inflation, rising interest rates, and global tensions, Bitcoin’s popularity as a safe digital asset keeps attracting money.
Altcoins: A Different Story
But while Bitcoin’s doing great, other cryptocurrencies (altcoins) are struggling. Analyst Daan points out that the total value of all altcoins is still way below its 2021 peak. Even though they’ve recovered a bit, they’re significantly below their all-time highs. This shows Bitcoin’s dominance in the current market.
Daan says altcoins aren’t breaking through a key resistance level. Until they do, they’ll likely keep underperforming Bitcoin. Basically, Bitcoin is the king, and many think the altcoin market won’t really take off until Bitcoin settles down a bit and investors start putting money into other cryptos.
Bitcoin’s Recent Performance and Support Levels
Bitcoin hit almost $112,000 but then dipped slightly to around $107,000 as buyers tried to establish support. This happened while economic uncertainty continues, including trade issues and high US Treasury yields affecting traditional markets. Despite the small drop, most people are still optimistic, seeing the dip as a normal correction in an overall upward trend.
Daan highlights the big difference between Bitcoin and the rest of the crypto market. Bitcoin’s soaring, but the total value of altcoins is still over 30% below its previous high. This really emphasizes Bitcoin’s strength right now. Until that key resistance level for altcoins is broken, they’ll likely continue to lag.
Bitcoin’s Weekly Chart: A Bullish Outlook
Bitcoin’s weekly chart shows a clear breakout above its previous high of $109,000, confirming the upward trend. It hit $112,000 before facing some resistance and is now consolidating around $107,500. This area is turning from resistance into potential support – a good sign for buyers. The chart shows strong momentum and high trading volume, supporting the breakout.
All major moving averages are pointing upwards, reinforcing the long-term bullish outlook. If Bitcoin stays above $103,600, it could signal renewed buying interest, potentially pushing it towards $120,000-$125,000. If it falls below that, it might retest the $95,000-$100,000 range. Overall, despite short-term ups and downs, the long-term trend for Bitcoin is still bullish.
