Bitcoin surpasses $100K, confirming $90K as new support.
The crypto market is experiencing a strong comeback as Bitcoin (BTC) has pierced the $100,000 threshold, indicating increased vigor and investor optimism. The benchmark has not just regained confidence but has also marked $90,000 as a solid support level, a crucial psychological level for investors.
Trader Eugene Ng Ah Sio, who previously forecasted the uptrend, reported that even as he was expecting the bullish breakout, his profits were slim thanks to being stopped out by increased volatility. His case is indicative of a common problem with crypto trading: even the correct predictions can be disrupted by the market’s built-in volatility.
What was previously deemed an unlikely recovery is now gaining traction, largely due to strong institutional involvement. Tech company MicroStrategy continues to buy Bitcoin, affirming long-term optimism. Concurrently, the growing adoption and inflows into Bitcoin-targeted Exchange-Traded Funds (ETFs) have greatly added to price pressure and market liquidity upwards.
Until recently, the majority of experienced traders and market analysts were bearish, with many choosing to short the market or sit it out. But the breakdown above $100K has turned into a watershed moment, with a change of course now as more players turn bullish on long positions.
Altcoins Due for Solid Rebound
As Bitcoin dominates the headlines, altcoins are likely to benefit from the sentiment and capital spillover. Professionals predict a sharp rebound in altcoin market capitalisation due to growing optimism, institutional buying, and rising retail investor activity.
This new burst of momentum can set the stage for the entire crypto space to retest former all-time highs. With both institutional and retail investors getting confidence back, there is potential for a historically big bull run for digital assets.
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