The cryptocurrency market is showing signs of improvement amidst political changes in the US. Let's look at the current state of bitcoin and altcoins, as well as forecasts for the near future.
Current Bitcoin Status
Over the weekend, Bitcoin's price hovered around $98,000. There were $164 million in liquidations in the past 24 hours, decreasing by 26% compared to the previous day. The current price sits at $98,425. BTC holds the $91,500 support level, requiring daily closures above $95,000 for an upward trend continuation. If $102,000 is regained, the price could reach $110,000.
Altcoin Market Update
The total trading volume of cryptocurrencies dropped to $88 billion. However, the market capitalization exceeding $3.5 trillion remains a positive sign. Among the top 100 cryptocurrencies, AIOZ and PENGU led with gains of 20% and 12%, respectively, over the past 24 hours. In futures, significant liquidations occurred due to high altcoin volatility, particularly with HIVE and Chillguy.
Outlook for the Upcoming Week
The upcoming US leadership change, which is crypto-friendly, suggests further growth. The fear index has returned to neutral over the past week. Friday's ETF data played a significant role in fostering optimism over the weekend.
Considering current market changes, cryptocurrencies show a positive trend amidst expectations of the new US administration. The next few weeks could confirm this shift in a positive direction.
