Bitcoin is currently holding its ground around $47,900, following an impressive close to the previous week. While today’s Bitcoin sell-off has seen a slight pullback in altcoins, they remain above key price levels, raising questions about the future trajectory for Bitcoin and its fellow digital currencies.
Assessing the Crypto Market’s Momentum
A look at the combined value of the cryptocurrency market reveals a substantial uptick last week, with the market cap breaching the $1.61 trillion mark. The focus now shifts to the $1.81 trillion target, with the market’s current valuation hovering just below at $1.78 trillion. Investors are pondering whether the upward trend will persist, setting sights on potential milestones of $1.88 and $2.1 trillion if the uptrend continues beyond $1.81 trillion. Nonetheless, signs of bearish divergence on the TOTALCAP RSI weekly chart hint at a possible correction, which could see the market retrace to the $1.61 trillion level.
Insights on Bitcoin’s Price Movement
Bitcoin’s weekly chart exhibits a pattern akin to the broader market, peaking at $48,826 without breaking its January 11 high of $48,969 and subsequently retracting to $47,940. The weekly RSI also indicates bearish divergence, suggesting the price might struggle to surpass the crucial threshold. Bitcoin’s fate rests on overcoming the $48,850 resistance, which could pave the way for a rally up to $65,000, while failure may lead to a dip towards the $41,000 support.
Prospects for IMX Coin’s Valuation
IMX Coin has rallied from the $1.80 support level, breaking through the $2.80 resistance that has persisted since February 2022. This bullish momentum fuels expectations for even higher valuations, with a potential target of $4.2 if the uptrend sustains. Conversely, a closure below $2.8 could trigger a fall back to the $1.8 level. Given the unpredictable nature of cryptocurrencies, investors would do well to monitor the general market and Bitcoin charts while considering peak targets for altcoins.