- Bitcoin has factored in a modest price increase of 2.56% in the last 24 hours.
- The cryptocurrency’s daily trading volume shows a significant surge of 72.87% as per CMC data.
The crypto community is swarming with activity that seems to be reflecting an ascending channel every day. With such increased shifts, most of them are inclined to the positive, making members quite content. However, prices have resembled previous months’ actions. Over the past week, after a brief significant increase, the bull market seems to have taken a slump.
Notably, Bitcoin trumped this week’s price cycle with a new all-time high of $109,114.88. The cryptocurrency, followed with a significant drop to the $101K level in the past few days. This freefall was viewed as an attempt to regain stability after recent fluctuations. Additionally, Bitcoin’s price movement also had its effects on the altcoin sector.
In the last 24 hours, the leading cryptocurrency has factored in a 2.56% increase and reached the $104K level. In the January 24 morning hours, Bitcoin was trading at a low of $101,894 before dipping further. BTC managed to hold onto its $101K support before the bulls decided to lend a hand.
At the time of writing, BTC was trading at $104,897.93 as per CMC data. Moreover, according to analyst Ali’s reports, the cryptocurrency has seen buying activity from long-term holders.
Will Bitcoin Bulls Propel Price to $120K Next Month?
The crypto market is always swarming with Bitcoin price projections with the recent one at $175,000. Particularly, when drawing an analysis from technical indicators, the cryptocurrency shows potential.
Its Moving Average Convergence Divergence (MACD) signal line stands above the MACD line indicating the sustenance of the positive environment. Additionally, the Chaikin Money Flow (CMF) value is at 0.11 affirming the increasing capital flow as per TradingView data.
These nuances corroborate the previous statements about Bitcoin’s potential. In the case of its bull run resuming full-fledged, its next can be expected to be closer to $110,124. Other altcoins such as XRP are also combating resistance periods.
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