Bitcoin Nears $100,000 Resistance Level, Altcoins Surge as Market Sentiment Turns Bullish

The cryptocurrency market continues its bullish run as Bitcoin extends its rally, briefly surpassing the $97,000 mark on Friday and inching closer to the critical $100,000 resistance level.

Bitcoin price rose on Friday, attempting to push toward the key resistance level of $100,000 as institutional interest in U.S. spot Bitcoin exchange-traded funds (ETFs) builds.

The world’s largest cryptocurrency was trading at $96,777 by 11:49 am IST, up 1.5% from the previous day and within striking distance of the $100,000 mark. Bitcoin had hit an intraday high of $97,739.

Over the past two weeks, Bitcoin has encountered strong resistance at $100,000, but it now appears to be making another attempt to break through this level. With an intraday low of $95,830, the cryptocurrency is now attempting to push toward the key resistance level.

Bitcoin’s market dominance stood at 56.22%, while its market cap reached $1.913 trillion.

The institutional interest in Bitcoin is growing, and a significant milestone is being approached by the ETF, which is less than $2.2 billion away from crossing $110 billion.

This marks more than 5.7% of the total Bitcoin supply, as the overall market sentiment remains bullish with investor optimism rising, which is evident from the fear and greed index.

Bitcoin price today and crypto market performance in brief

Bitcoin’s rally comes as several other major altcoins also showed gains.

Ethereum rose by 1.6% to trade at $3,452, marking a solid increase alongside Bitcoin’s climb.

Meanwhile, XRP surged by 3.6%, Solana gained 2.7%, Cardano jumped by an impressive 11.5%, and Stellar increased by 9%.

Overall, the fear and greed index, which measures the level of investor optimism, is rising.

The global crypto market cap experienced a slight increase of 1.5%, reaching $3.41 trillion, as major cryptocurrencies like Bitcoin, Ethereum, and Solana experienced upward momentum.

Further, Bitcoin’s volume experienced a surge of 41.6% to $41.3 billion in the past 24 hours.

Stablecoins, such as Tether, now comprise 92% of the total 24-hour crypto market volume, highlighting their increasing role in facilitating transactions and liquidity in the market.

Collectively, all stablecoins had a volume of $108.1 billion, according to CoinMarketCap.

With institutional interest in Bitcoin continuing to grow and the rise of major altcoins alongside it, the crypto market is poised for further momentum in the coming weeks.