Bitcoin’s $100K Roadblock
Bitcoin’s Big Pause: Bitcoin is stuck just under the $100,000 mark, and it’s frustrating for traders. This psychological barrier has created a “sell wall”, making it hard for Bitcoin’s price to climb further. Despite high trading volumes, Bitcoin remains vulnerable because there aren’t enough new buyers entering the market to break this resistance.
Ethereum Takes the Spotlight
Source | Tradingview
While Bitcoin struggles, Ethereum is shining. With its price holding strong above $3,200, traders are betting big on Ethereum in the short term. Its popularity is reflected in growing call options, which are contracts that let people profit if Ethereum’s price rises. Bitcoin, meanwhile, is seeing most of its activity in options set for later in the year.
The Liquidity Problem
High trading volumes should be good news for Bitcoin, but there’s a catch. The order books, which show how much Bitcoin is available to buy or sell, are thinner than before. This means even a small trade or sudden news can make prices swing wildly. Experts describe this as “higher price elasticity”, in simpler terms, prices are more sensitive to changes than ever.
Why It Matters
Bitcoin Dominance over Total Crypto Market | Tradingview
For now, Bitcoin’s struggles show how the crypto market isn’t just about one coin. Ethereum’s rise proves there’s room for multiple players, Bitcoin’s Dominance chart BTC.D is also reflecting our opinion that BTC might lose its grip on the market for a while. If Bitcoin can’t break its $100K barrier soon, it might open the door to alt season, a period where alternative cryptocurrencies like Ethereum, Solana, and others could dominate the market.
This is not financial advice. Always DYOR (Do Your Own Research) to make informed decisions. You can explore more about cryptocurrency trends and strategies at blog.millionero.com. When you’re ready, Millionero offers a simple and secure platform to trade spot and perpetuals, helping you make the most of market opportunities.