The post Bitcoin (BTC) Nears Key Resistance Amid Growing Crypto Optimism appeared on BitcoinEthereumNews.com.

Bitcoin trades at $101,502.66, up 2.10%, with a market cap of $2.01 trillion. The global crypto market cap rose 2.44% to $3.57 trillion in 24 hours. Bitcoin recently reached a high of $102,037.76, continuing its upward trend. It is currently trading at $101,502.66, marking a 2.10% increase in the past 24 hours. The market cap now stands at $2.01 trillion, a 2.09% surge, while the 24-hour trading volume has risen to $58.1 billion, up 1.63%. The fully diluted valuation (FDV) of Bitcoin has climbed to $2.13 trillion. Bitcoin’s circulating supply is 19.81 million, close to its maximum supply of 21 million. These gains come amid optimism for favorable crypto policies following leadership changes at the SEC. Broader Crypto Market Shows Strength The global crypto market cap is $3.57 trillion, reflecting a 2.44% daily increase. Total crypto trading volume over the last 24 hours reached $162.03 billion, a rise of 4.51%. Bitcoin’s dominance remains strong, underlining its leading role in market movements. Bitcoin’s technical indicators highlight sustained bullish momentum. The 9-day moving average ($100,130) has crossed above the 21-day moving average ($98,157), confirming an ongoing uptrend. The Relative Strength Index (RSI) is at 69.88, nearing the overbought zone. Meanwhile, the RSI average of 66.33 reflects a healthy trend, allowing for further price growth. Support is evident at $94,939, while resistance at $102,000 is under pressure. If Bitcoin breaks above this level, it could target $105,000 or higher. The Chaikin Money Flow (CMF) indicator remains positive, showing consistent buying activity. This inflow of capital supports Bitcoin’s price stability above $100,000. The moving averages’ crossover suggests growing bullish sentiment, often indicative of strong upward momentum in the near term. The upward-sloping RSI and CMF trends signal continued buying pressure.  The market’s volatility and liquidity remain robust, as shown by trading volumes. If the…

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Filed under: News - @ January 17, 2025 12:19 pm