- Bitcoin has recorded a modest price increase of 2.31% in the last 24 hours.
- The cryptocurrency’s daily trading volume has dipped by 23.85% as per CMC data.
The crypto community believes in everyday progress despite the market’s tendency for extremes. Thus members are rejoicing Bitcoin’s recent price increase that broke out of its resistance at $94,000. It has resulted in a pivotal change in the altcoin sector, as tokens are grabbing at the opportunity of a positive momentum. Top players are expected to reinstate their bullish trends in case of sustaining the price increase.
Notably, Bitcoin has experienced a modest 2.31% upward movement in price. In the morning hours of January 14, BTC was still combating its resistance at $94,857. However, as the day progressed, it advanced into the $95K zone and eventually to its current trading levels.
According to CMC data, Bitcoin was trading at $97,077 at the time of writing. Furthermore, the cryptocurrency briefly tested the $97K level but briefly dropped back to the $96K level. A few hours ago, its intra-day high was recorded as $97,724.96.
Zooming out, over the past week, the cryptocurrency shows a 0.38% increase after recent price surges. The past seven days saw BTC drop to a low of $92K triggering speculations of a free fall below $90,000. However, it began to progress upward over the past few days, particularly since Monday.
Will Bitcoin Regain $100K this Month?
Analyzing its technical indicators, Bitcoin shows potential for further upward movements. Its Moving Average Convergence Divergence (MACD) signal line stands close to a crossover with the MACD line. Even in the case of modest increases, the crossover might occur.
Additionally, the cryptocurrency’s Chaikin Money Flow (CMF) indicator value stands at 0.09 as per TradingView data. This suggests an increase in capital flow into the digital asset which further highlights incoming upward movements. In the case of a bull run, Bitcoin might encounter another resistance at $98,745.
Meanwhile, altcoins such as XRP and Solana have shown significant gains in the last 24 hours as per data aggregators’ recordings.
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