Bitcoin Tests Crucial Resistance Level of $99,500, Ether Joins the Profit Column

The cryptocurrency market experienced a notable surge in value on Monday, January 6. Most cryptocurrencies reported gains, signaling a positive shift in market sentiment.

The cryptocurrency market experienced a slight uptick on Monday, with most cryptocurrencies showing gains. This shift in market sentiment follows a period of stagnation. Among the top cryptocurrencies, Bitcoin and Ether both reported profits, while Dogecoin faced a downturn. Here's a closer look at the market performance and key updates.

Bitcoin Price Today: A Close Watch on Resistance Levels

After ten days of stagnation, Bitcoin is once again testing crucial resistance at $99,500 (roughly Rs. 85.3 lakh). According to the CoinSwitch Markets Desk, Bitcoin has seen six consecutive days of gains. However, if Bitcoin fails to break through this resistance, it could lead to a downturn across the entire market.

On the other hand, if Bitcoin manages to cross the $100,000 (approximately Rs. 85.8 lakh) mark with significant trading volume, it could trigger a major rally, similar to the surge witnessed in January 2024.

This volatility highlights the unpredictable nature of the cryptocurrency market, with investors keeping a close eye on Bitcoin's movements, as its performance often sets the tone for other cryptocurrencies.

Overall, the market cap for cryptocurrencies increased by 0.53 percent in the last 24 hours, standing at $3.52 trillion (around Rs. 3,02,11,385 crore). Notably, Bitcoin's dominance in the crypto market was evident, accounting for 55.74 percent of the total market cap.

Ether Price Today: A Challenge in Outperforming Bitcoin

Among the top cryptocurrencies, Ether also joined Bitcoin in the profit column. Over the last 24 hours, Ether's price rose by 1.08 percent, reaching $3,683 (approximately Rs. 3.16 lakh) on global exchanges. In India, Ether is trading at $3,785 (around Rs. 3.24 lakh) after a gain of about 0.65 percent.

Despite these gains, Ether faces challenges in outperforming Bitcoin. The ETH/BTC trading pair is currently around 0.037 BTC per ETH, and analysts suggest that Ether needs to cross this threshold to gain a competitive edge against Bitcoin.

The CoinSwitch Markets Desk highlights the significance of this price action, emphasizing that for Ether to establish itself as a strong contender in the market, it must break through the resistance levels that are currently hindering its growth.

The dynamics between Bitcoin and Ether are crucial for understanding the overall market trends. As both cryptocurrencies continue to show gains, investors remain hopeful for a sustained upward trajectory.

Other Cryptocurrency Price Updates Today

On Monday, a majority of cryptocurrencies reported profits alongside Bitcoin and Ether. Notable performers included Cardano, Avalanche, Polkadot, Uniswap, Litecoin, and Leo. Additionally, Monero, Cosmos, EOS Coin, and Bitcoin SV also registered gains. This broad-based rally indicates a positive sentiment across the crypto market, as many investors are looking for opportunities in various altcoins.

However, not all cryptocurrencies fared well. Some, like Tether, Solana, Binance Coin, Dogecoin, Tron, Shiba Inu, and Stellar, experienced losses.

Solana, in particular, is facing resistance at the 50-day simple moving average (SMA) but shows signs of optimism as the 20-day estimated moving average (EMA) begins to rise.

Meanwhile, Dogecoin's recent upward momentum, driven by increased whale activity, has led to speculation that it could reach $1 (approximately Rs. 85) and potentially achieve a market cap of $100 billion (around Rs. 8,58,286 crore).