Bitcoin continues to move toward the upper limit of a multi-month trading channel, while interest in several altcoins is on the rise.
Bitcoin Approaches $110,000
Bitcoin is currently testing the upper boundary of its trading channel that has guided its price action since early May. The digital asset showed a strong 12-hour bullish candle, pushing towards the $110,000 level. This price point aligns with previous resistance and could serve as a critical indicator for the next market direction. A daily close above the $110,000 level may confirm a breakout, and traders are closely monitoring this move as it could trigger increased volatility and stronger upward momentum.
Altcoins Show Strength
Several altcoins, such as VeChain and Injective, have shown renewed momentum alongside Bitcoin’s climb. VeChain has introduced upgrades to its infrastructure through the launch of GALACTICA and Stargate, aiming to enhance its enterprise blockchain capabilities and improve token utility within its ecosystem. Progress has also been significant for Injective, which launched its EVM testnet and revealed a partnership based on $XRP.
Development of Web3 Projects
A collaboration between Arbitrum and Robinhood has made headlines, with Arbitrum tokenizing Robinhood's block. This step will help bridge traditional finance and blockchain technology, providing new entry points for investors. Peaq is rising as a player in the decentralized physical infrastructure industry, with interest in its mission to make Web3 a more connected place bolstered by its listings on leading exchanges.
As Bitcoin tests key resistance levels, altcoins demonstrate active development. Infrastructure growth and new project collaborations continue to support an overall bullish trend in the market.
