Why can't Bitcoin rise above 110,000?
After substantial progress in Sino-U.S. trade relations yesterday, Bitcoin surged to 105,863, and Ethereum hit 2,620. Before a wave of significant altcoin movements, there may be a small correction, and tonight's CPI data release could be the catalyst for this market movement.
If the high point for Bitcoin is 105,863, or if a short-term high appears in a week, the on-chain sector will likely start to see skyrocketing coins, such as Ethereum's Prague upgrade, while ETHFI has shown an extremely high increase.
The past few days have been considered altcoin season, with most altcoins rising by over 10%. The UNI, ETHFI, and Siren promoted by the Square have all seen decent gains.
This rise is mainly driven by market sentiment boosted by positive events; once the good news settles, a consolidation phase is needed.
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