Bitcoin is holding steady above $118,000 despite the recent ups and downs in the market. As of now, Bitcoin is trading at $118,274 and showing signs of strength after brushing off selling pressure and minor pullbacks earlier this week. This comes at a time when investors have been watching closely to see whether the crypto king will break out or buckle under volatility.
$132K Could Be Next, But Watch for Confirmation
The next target could fall between $127,000 and $132,000. However, they warn that confirmation is key before getting too excited. The crypto market has a history of sudden reversals, so it’s important to wait for a strong breakout before calling the next leg up.
Altcoins Warming Up for Their Turn
Altcoins are already starting to show early signs of life. XRP is bouncing, Ethereum is holding steady in the overbought zone, and smaller altcoins are beginning to stir. The total market cap for altcoins, excluding Bitcoin and Ethereum, has shown a slight uptick, hinting that money could soon rotate into the broader crypto space.
Bitcoin Dominance Slips, Altcoins Could Shine
Bitcoin’s market dominance is sliding again, which usually benefits altcoins. USDT dominance is also dropping, a signal that traders are moving funds into more volatile assets in search of returns. This environment could set the stage for a broader crypto rally.
80,000 Bitcoin Sold, Market Absorbs the Shock
In a big move, a whale wallet from the early Bitcoin days sold 80,000 BTC through Galaxy Digital, amounting to nearly $9 billion. Despite this, the market held up surprisingly well. This sale is a reminder that even the biggest players are taking profits.
With global liquidity still rising and whale accumulation continuing, the road to the next rally may be closer than many expect.
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