Market Wrap: Bitcoin Nears $100K as Bulls Dominate the Session

Cryptocurrency prices experienced a surge on Monday evening, driven by a broader market rally and the entry of new traders into the digital asset space. Bitcoin rose above $99,000, while Ethereum, XRP, Dogecoin, and Shiba Inu also posted gains.

The global cryptocurrency market cap increased by 5.07% over the last 24 hours to reach $3.51 trillion as of press time, according to CoinGecko. Total trading volume over the same period increased by 32.18% to reach $162.07 billion.

Bitcoin price rose over 2.77% in the last 24 hours to reach $99,366 at press time, according to CoinGecko. BTC enjoyed a 24-hour high of $101,984 before facing some resistance.

Bitcoin price recently dropped below an in-depth analysis resistance at $96,333, leading to a decline towards the 23.6% Fib retracement level of the recent wave from $88,408 to $104,340, at $96,16 Fib.

However, BTC recovered quickly from this support and began a fresh increase, recently breaking above the Fib retracement level of 50% at $98,84 Fib.

An analysis of the 4-hour chart shows that BTC is trading near the upper Bollinger Band, indicating possible overbought conditions. The Relative Strength Index (RSI) indicator is at 64.28, also approaching the overbought zone (70+).

Bitcoin price now faces immediate resistance at $100,000, followed by Fib retracement levels at 61.8% ($101,10 Fib) and 78.6% ($103,14 Fib).

On the downside, support is seen at Fib retracement levels at 38.2% ($96,16 Fib) and 23.6% ($93,88 Fib).

Ethereum price enjoyed a 4.8% increase in the last 24 hours to reach $3,355 at press time, according to CoinGecko. ETH enjoyed a 24-hour high of $3,362 before facing some resistance.

Ethereum price dropped sharply from an all-time high at $3,440, recently slipping below the 100-4 hour moving average at $3,327. However, ETH recovered from this support and began a fresh increase.

An analysis of the 4-hour chart shows that ETH is in an uptrend, trading above the alligator’s moving averages. The Moving Fibonacci Indicator (MFI) is at 71.82, suggesting ETH is nearing overbought conditions.

Ethereum price now faces immediate resistance at Fib retracement levels at 23.6% ($3,362), followed by 38.2% ($3,380). Further up, we could see Fib retracement levels at 50% ($3,402) and 61.8% ($3,428).

On the downside, support is seen at the alligator’s moving averages, followed by Fib retracement levels at 14.4% ($3,322) and 4.6% ($3,282).

Virtuals Protocol price rose over 24.52% in the last 24 hours to reach $3.65 at press time, according to CoinGecko. VIRTUAL enjoyed a 24-hour high of $3.72 before facing some resistance.

Virtuals Protocol price recently broke above the Ichimoku cloud but is struggling to maintain the uptrend. The Moving Fibonacci Indicator (MFI) is at 76.96, indicating overbought conditions, suggesting a possible pullback.

An analysis of the 4-hour chart shows that VIRTUAL price is testing support at $3.6125 (conversion line). A breakdown may lead to a move towards $3.2672 (Kijun-sen). However, if VIRTUAL recovers from this support, it could attempt to rally towards the Ichimoku cloud once more.

Fartcoin price rose over 22.11% in the last 24 hours to reach $1.21 at press time, according to CoinGecko. FARTCOIN enjoyed a 24-hour high of $1.25 before facing some resistance.

Fartcoin price enjoyed a strong rally over the last few days, following a period of consolidation. The Supertrend is green, signaling an active uptrend.

An analysis of the 4-hour chart shows that FARTCOIN price is trading above