Bitcoin shows signs of resilience, remaining above the $116K mark and targeting key resistance at $118K. Analysts suggest this might trigger altcoin growth.
$116K as Key Support
The recent rise of Bitcoin above $116K followed a rebound from the $114.9K level, which has become support thanks to the 50-day simple moving average. As traders note, the current price action has solidified the $116K zone as a major support level. Bitcoin has also climbed above the 21-day exponential moving average, which is an indicator of a potential shift to short-term bullish control.
Analysis and Potential Altcoin Movement
Analyst Alpha Crypto Signal noted in a post on X that the $116K retest could be the trigger for altcoin activity. The modest upticks in altcoins over recent sessions may indicate readiness for broader market moves. A sustained Bitcoin usually allows capital rotation to altcoins with more volatile profiles, which might happen if Bitcoin breaks above the $118K mark.
Current Market Dynamics
As of the time of writing, Bitcoin is priced at $118,121, reflecting a 0.34% increase over the last 24 hours and a 3.93% gain over the past week. Daily trading volume is reported at $33.51 billion, showing sustained engagement from market participants. Traders are focused on $116K as immediate support and $118K as the next key resistance. A break above could extend the advance, while a failure to hold above $116K may draw attention back to the $114.9K level.
Bitcoin demonstrates resilience at the $116K level and is on the verge of a potential rise towards $118K. This could impact the entire cryptocurrency market, particularly activating altcoin growth.
