Bitcoin (BTC) Price Analysis: BTC Markets Trade Higher Despite Record Volatility

Cryptocurrency markets are trading higher on Monday despite record volatility seeing Bitcoin swing $10,000 per coin in nominal value over 24 hours.

Cryptocurrency markets showed signs of recovery on Monday, with major coins like Bitcoin and Ethereum rising despite the market’s record volatility. Bitcoin’s price swung by $10,000 per coin in nominal value over 24 hours.

However, the coin managed to stay above the $100,000 level. Meanwhile, Ethereum rose by 6.26% over 24 hours to reach $3,334.

Here’s a closer look at the notable statistics, developments, top gainers, and trader notes for Monday:

Notable Statistics:

Bitcoin price at the time of writing: $102,063

Ethereum price: $3,334

Top Gainers (24 Hours):

Worst Performers (24 Hours):

Notable Developments:

According to More Crypto Online, Bitcoin is currently in Wave 5 of a larger Wave 3, targeting a range between $100,275 and $101,028.

However, the full 5-wave upward pattern hasn’t completed yet, so the reversal isn’t confirmed.

If the five waves do form, a pullback could bring Bitcoin back to around $98,000.

$BTC: Wave (5) of circle wave 3 should reach $100,275 – $101,028. Please note that we do not have a full 5-wave pattern to the upside yet, which means that this is not yet a solid upside reversal, just in case you are feeling FOMO.

Should all 5 waves form, then the subsequent… pic.twitter.com/3LssB2Tf2A

Rekt Capital notes that Bitcoin has hit the $101,000 level, but it needs to close above this level on the daily chart and successfully retest it as support to confirm further upward movement.

If successful, Bitcoin could continue towards the blue diagonal resistance. Until then, $101,000 remains a key resistance.

Crypto trader Kevin observes that liquidity is positioned to the upside, with billions in liquidity blocks extending to $111,000.

After the initial move down, Bitcoin is expected to make its way toward $111,000, though the journey may be choppy.

However, the general expectation is that it will eventually reach that target.

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