Bitcoin’s Pursuit of a New Record
The leading cryptocurrency is on the cusp of breaking its previous all-time high, as anticipated. Analysts were optimistic about a breakout above $124,000 in Bitcoin’s recent bullish run. Their predictions are proving true as BTC has been pushing past the $124,000 mark in the last hour, aiming to extend its peak.
The presence of committed buyers amidst a weekend market showing low volume grants BTC a crucial edge, potentially bringing more attention with its record-setting attempts. The Federal Reserve’s confirmed interest rate cut, historical performance in the last quarter, and corporate steps toward Bitcoin have all fueled market enthusiasm. Following prolonged consolidation, today’s market activity is far from surprising.
A rapid climb to a new high near $130,000 today or tomorrow is possible. However, any geopolitical tensions triggered by Russia, China, or other factors could rapidly lead to a decline as short-term investors might seek to secure their profits swiftly.
Altcoin Market Dynamics
While BTC continues its ascent, altcoins remain mostly indifferent, though Ethereum (ETH) is steadily advancing toward $4,700. In the past 24 hours, open positions in futures trading increased by 1.5%. BTC and ETH saw over $100 million in short position liquidations, even as there is a notable dominance of long liquidations across altcoins.
DOGE is maintaining a price of $0.255, although there’s no significant upward momentum. SOL Coin is just below the critical $235 level, and while XRP Coin struggles to reclaim $3.1, it is attempting to hold $3. AVAX remains under $32, moving toward $29. This scenario suggests potential surprise losses in the altcoin market, raising concerns.
In the coming hours, it will become evident whether the rationale behind short-term investors’ profit‑taking actions was justified. For now, the focus on BTC means that a pause among altcoins is expected.
Over the past week, ZEC and 2Z have gained more than 100%, while SPX saw a 55% increase. CAKE, DEXE, PUIMP, and FLOKI experienced gains of over 30%.