The cryptocurrency market is showing activity, with Bitcoin and Ether approaching their historical highs. Bitcoin reached above $122,000, while Ether aims for $4,868.
Bitcoin Price Dynamics
Bitcoin (BTC) rose above $122,000 on Wednesday, confirming the bulls' active stance. Continuous testing of a resistance level generally weakens it, increasing the likelihood of a break above the all-time high of $123,218. The relative strength index (RSI) above 65 indicates positive momentum, boosting the chances of successfully breaking above this level.
Ether Predictions
Ether (ETH) also shows strong growth, testing the $4,700 level. Sentiment analysis platform Santiment reported that ETH could achieve a new all-time high, given that retail traders are skeptical about the current rally, while historically prices move in "the opposite direction of retail traders' expectations." If buyers can breach the $4,868 mark, Ether prices may surge to the psychological level of $5,000.
State of Other Cryptocurrencies
The cryptocurrency market is displaying diverse trends. XRP has shown a short-term bounce off the $3.11 level but struggles to maintain higher prices. BNB is actively recovering from the $730 level, attempting to surpass the resistance of $861. Solana (SOL) and Dogecoin (DOGE) continue to trade within known ranges, with SOL testing the $185 level while DOGE remains between $0.14 and $0.29.
The cryptocurrency market remains under buying pressure, increasing the chances of a new all-time high for Bitcoin and Ether. Further market changes are expected based on trader activity and market conditions.
