Crypto Market Today: Bitcoin Breaks $97k, XRP Gains 6% Amid Regulatory Changes

Bitcoin is currently bouncing back from a crucial support level, with increasing liquidity pushing its price upwards. BTC is currently trading at $97,125.77, Ethereum at $2,669.98, and XRP, has recently surged to $2.49, marking a 5.05% gain in the past 24 hours. Other top 10 coins include Solana (SOL) at $206.07, BNB at $616.95, and Dogecoin (DOGE) at $0.2574. 

As of now, the cryptocurrency market is valued at $3.19 trillion, showing a modest increase of 1.58% over the past 24 hours. The Fear and Greed index currently sits at 35, indicating a state of fear in the market. Among the top cryptocurrencies, Bitcoin (BTC) leads with a dominance of 60.42%, followed by Ethereum (ETH) at 10.09%.

Bitcoin is holding support around $95,000 to $96,000. If there is a confirmed break below this level, the next support zone is between $92,000 to $93,000. For now, Bitcoin is lacking clear momentum and has been moving sideways with small bullish and bearish fluctuations. This choppy action is expected to continue for the next few days, with possible clearer price movement next week.

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In terms of resistance, there is a short-term hurdle just below $99,000, with major resistance between $101,000 and $103,000, and even more significant resistance between $106,000 and $107,000.

Is Bitcoin Repeating 2017?

Bitcoin is holding strong above $90k, but strangely, a lot of people are still bearish. Why? Analysts suggest that on Bitcoin’s monthly chart, the current situation feels similar to the 2017 cycle — a massive pump followed by consolidation, possibly gearing up for the next big push. Altcoin Daily said that crypto is on the verge of entering its next chapter, and it’s happening now, globally.