Bitcoin (BTC) is currently trading at around $97,102, after experiencing fluctuations between $96,174.83 and $99,168.61 over the past 24 hours. Despite the recent market volatility and weaker than normal trading volume, Bitcoin’s dominance in the crypto market continues to climb.
The ability of Bitcoin to maintain its price level near the $98,000 mark is a testament to its resilience in the face of market uncertainty. As the dominant cryptocurrency, Bitcoin’s performance often sets the tone for the broader crypto market.
The rising dominance of Bitcoin suggests that investors are increasingly viewing it as a safe haven asset during times of market turbulence. This trend could potentially lead to further price appreciation in the near future, as more investors allocate their funds to Bitcoin.
However, it is important to note that Bitcoin’s price is still below the psychological resistance level of $100,000. A sustained break above this level could open up the possibility for further upside potential.
Technical analysis suggests that Bitcoin is currently trading above its 50-day moving average, which is a bullish sign. However, the cryptocurrency is also approaching overbought levels on the relative strength index (RSI), which could indicate a potential pullback in the short term.
Tags: Bitcoin price, market volatility, crypto dominance, technical analysis, Bitcoin resistance levels
Source: https://news.bitcoin.com/bitcoin-hovers-near-98k-amid-market-volatility-and-rising-dominance/