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Bitcoin (BTC) is approaching key resistance amid growing optimism about the cryptocurrency

  • Bitcoin is trading at $101,502.66, up 2.10%, with a market cap of $2.01 trillion.
  • The global cryptocurrency market capitalization rose 2.44% to $3.57 trillion within 24 hours.

Bitcoin recently reached a high of $102,037.76, continuing its upward trend. It is currently trading at $101,502.66. Labeling An increase of 2.10% during the past 24 hours. The market cap now stands at $2.01 trillion, up 2.09%, while 24-hour trading volume rose to $58.1 billion, up 1.63%.

The fully diluted valuation (FDV) of Bitcoin has risen to $2.13 trillion. The circulating supply of Bitcoin is 19.81 million, which is close to the maximum supply of 21 million. These gains come amid optimism about favorable cryptocurrency policies following leadership changes at the Securities and Exchange Commission.

The broader cryptocurrency market is showing strength

The global cryptocurrency market cap is $3.57 trillion, reflecting a daily increase of 2.44%. Total cryptocurrency trading volume over the past 24 hours reached $162.03 billion, an increase of 4.51%. Bitcoin’s dominance remains strong, confirming its leading role in market movements.

Bitcoin technical indicators highlight the continued bullish momentum. It crossed the 9-day moving average ($100,130). above The 21-day moving average ($98,157), confirming the ongoing uptrend. The Relative Strength Index (RSI) is at 69.88, approaching the overbought zone. Meanwhile, the average RSI of 66.33 reflects a healthy trend, allowing for further price growth.

Support is clear at $94,939, while resistance at $102,000 is under pressure. If Bitcoin breaks above this level, it could target $105,000 or higher. The Chaikin Money Flow (CMF) remains positive, indicating steady buying activity. This capital inflow supports Bitcoin’s price stabilizing above $100,000.

Crossing moving averages indicate growing bullish sentiment, which often indicates strong upside momentum in the near term. Relative Strength Index (RSI) and CMF trends indicate continued buying pressure.

Market volatility and liquidity remain strong, as evidenced by trading volumes. If the resistance at $102,000 becomes new support, Bitcoin may challenge to higher levels. Conversely, any decline below $100,000 may find buyers at the $94,939 support level. Combined with current indicators, Bitcoin shows strong potential for sustainable growth in the short term.

If Bitcoin maintains its gains above $100,000, further upside is likely. Breaking $102,000 could open the way towards $105,000 and beyond. Optimism over SEC reforms and increased market participation could push Bitcoin to new highs.

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