Currently, all the top 10 cryptocurrencies, including Bitcoin, are showing positive dynamics in the market.
Current Cryptocurrency Market Situation
The prices of all 10 most popular cryptocurrencies are showing growth again, according to CoinStats. This indicates a recovery of investor interest in cryptocurrencies following recent fluctuations.
Bitcoin Price Analysis
Bitcoin (BTC) is currently priced at $118,698, having increased by 1.06% in the last 24 hours. On the hourly chart, there is a false breakout of the local resistance at $119,239. If the daily candle closes near this level, testing the $120,000 area is likely soon. On the daily time frame, Bitcoin's price remains within the previous day's candle, indicating a lack of dominance from both bulls and bears. However, the decreasing trading volume confirms the absence of strength from either side.
Cryptocurrency Market Outlook
From a midterm perspective, attention should be given to the closure of the weekly candle at $119,482. If the candle closes significantly below this level, it may lead to seller initiative and a possible correction to the $112,000 mark.
Thus, the cryptocurrency market currently demonstrates positive trends, but it is important to note the potential for both growth and correction depending on investor sentiment.
