Bitcoin continues its attempts to surpass the $108,000 mark, facing resistance from sellers. The current situation has drawn attention from analysts and traders.
Bitcoin and the $108,000 Level
Over the past 48 hours, Bitcoin has touched the significant level of $108,000 several times but has faced retraction each time. As of now, the price is trading around $107,500, and a battle between buyers and sellers is evident.
Bitcoin's Technical Indicators
Bitcoin has successfully reclaimed its 50-day exponential moving average, which is regarded by many analysts as a crucial technical indicator. Typically, reclaiming this level suggests continuation of a bullish trend going forward.
Altcoin Market Situation
The majority of altcoins are showing negative results over the past 24 hours, with a few exceptions. For instance, Bitcoin Cash increased by almost 4%, while major cryptocurrencies such as ADA and DOGE fell between 2% and 5%.
Bitcoin's drive to break above the $108,000 mark creates interesting conditions for traders in the market. Current indicators and the dynamics of altcoins also play an important role compared to the leading cryptocurrency.
