- Bitcoin neared the $97,000 price level, just 3% off from its all-time high.
- $1.2 billion are at the risk of being liquidated in BTC longs if BTC dips to $94.3K.
- XRP surged 8.17% in 24 hours amid bullish partnership announcements.
Bitcoin (BTC) made its way to the $97,000 price level in the past 24 hours, surging 0.6% and aiming for the $100,000 milestone. Following BTC’s lead, altcoins posted significant gains, with major tokens maintaining an upward trend.
As per CoinMarketCap data, Bitcoin trades at $96,204.85, at a 3.3% discount from its all-time high of $99,655.50, seen just six days ago. Interestingly, Coinglass data reveals $186.15 million liquidated from the crypto market, with $84.43 million in shorts contributing to Bitcoin’s price rise.
Bitcoin’s Trading Range and Liquidation Risks
It is important to note that BTC has been fluctuating between $99,000 and $90,000, suggesting that consolidation in this zone could drive more capital into altcoins as investors reinvest Bitcoin profits.
Additionally, Coinglass data shows that if BTC falls to $94,300, a monumental $1.12 billion in longs are at the risk of being liquidated. On the other hand, if Bitcoin claims the $98,100 price level, a significant $842 million in BTC shorts.
Interestingly, The Relative Strength Index (RSI) for Bitcoin stands at 67, signaling that buyers are currently steering its price. Analysts believe the upward momentum toward $97,000 is strengthening, driven by this buyer activity.
Read also: Altcoin Season Index Hits 60 as Bitcoin Rally Challenges Market Liquidity
XRP and ALGO Lead the Altcoin Surge
Bitcoin’s 33% rise over the past 30 days has fueled gains for altcoins like XRP and Algorand (ALGO). XRP surged 8.17% in the past 24 hours to trade at $1.61, while ALGO climbed 18.37% to $0.3411.
XRP’s rally coincides with partnerships involving Cardano (ADA) and its expanding regulatory relationships globally. Ripple may also see a boost from Donald Trump’s reelection, which is viewed as a potential driver of pro-crypto policies.
ALGO’s growth reflects a broader influx of users and capital into the crypto space following Election Day, reinforcing its upward trajectory.
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Source: https://coinedition.com/bullish-momentum-sweeps-crypto-market-btc-hits-97k-xrp-and-algo-lead-altcoin-gains/