Bitcoin has surged to $110,000 for the second consecutive day, driven by significant gains in altcoins. Despite this rally, traders remain skeptical about the breakout's sustainability. The cryptocurrency market saw a 0.9% increase in Bitcoin's value over the last 24 hours, with the CoinDesk 20 index, tracking top 20 cryptocurrencies, rising 3.3% .
Key Market Movers:
1.Bitcoin (BTC): Trading at $110,061, up 0.15%
2.Ethereum (ETH): Gaining 5-7%, trading at $2,772.06
3.Solana (SOL): Rising 5-7%, trading at $165.33
4.Chainlink (LINK): Increasing 5-7%, trading at $15.26
Trader Sentiment:
Kirill Kretov, senior automation expert at CoinPanel, believes the current price action might not mark the start of a sustainable breakout. Instead, he thinks it's part of a volatility cycle that could see a sharp drop triggered by negative announcements or narrative shifts. Vetle Lunde, head of research at K33 Research, notes that funding rates and leverage proxies indicate a cautious sentiment in the market.
Future Outlook:
Analysts predict Bitcoin could reach $200,000+ by year-end, driven by scarcity, macroeconomic uncertainty, and its appeal as a hedge against inflation and geopolitical risk. Key support levels for Bitcoin are $105,000 and $100,000, which could be tested if selling pressure returns .
