Bitcoin (BTC) Eyes $2 Trillion Valuation, Despite Stiff Resistance at the $100,000 Price Level

Bitcoin (BTC) is once again eyeing the $2 trillion valuation, despite stiff resistance at the $100,000 price level.

Bitcoin (BTC) price action showed signs of slowing down on Monday evening as the cryptocurrency faced stiff resistance at the $97,000 price level. Despite another attempt at pushing above the resistance, the buying volume was not high enough to continue the rally past $100,000.

However, the world’s leading cryptocurrency began the day with a surge, trading at $93,000 at the time of opening. From there, BTC price slowly climbed, adding $4,000 to its valuation and reaching the $97,000 price point.

Bitcoin price action on Monday evening. Source: TradingView.com

Despite the attempt at continuing the rally past $100,000, the cryptocurrency faced resistance and began to trade sideways. BTC price then dropped slightly, trading at $97,000 at the time of writing.

With a dominance of over 60%, Bitcoin led the market as the altcoin rally seemed to be slowing down. XRP whales, on the other hand, continued their accumulation, adding 20 million more XRP to their holdings.

Meanwhile, Solana (SOL) turned bullish as the cryptocurrency noted gains of 3% over the past 24 hours. SOL price is currently trading at $172.03.

Solana (SOL) price action on Monday evening. Source: TradingView.com

The digital asset is currently retesting the lower band of the Bollinger Bands, which stands at $167.85. If this support holds, the cryptocurrency could aim for the $200 price tag in the upcoming session, testing the resistance at the upper band of $219.

SUI also surged a massive 7% in the past 24 hours, trading at $3.35. This surge was a result of digital asset management firm Grayscale announcing the Grayscale Sui Trust, which aims to provide customers with exposure to the altcoin.

The SUI price action on Monday evening. Source: TradingView.com

Relative Strength Index (RSI) reads a value of 43.84 for the SUI price action, which indicates neutral to bearish momentum. However, the upward slope of the line suggests a surge in buying volume.