The cryptocurrency market has recently seen increased volatility, with Bitcoin (BTC) leading the way to a historic high, followed closely by Ethereum (ETH) approaching its peak, and Cardano (ADA) also experiencing a significant rebound, as market enthusiasm continues to heat up.
Bitcoin breaks through $124,000, analysts predict it could reach $150,000.
#Bitcoin price has continued to rise recently, breaking through $124,400 and setting a new historical high. Analysts point out that this round of price increase is mainly driven by two factors:
Firstly, the demand for cryptocurrencies from enterprises is continuously rising.
Secondly, the market's expectations for a Federal Reserve rate cut in September have strengthened.
In addition, the Trump administration's initiatives to promote cryptocurrency investments have injected confidence into the market.
IG market analyst Tony Sycamore stated that institutional demand and Federal Reserve policies are supporting the current upward trend. 'Technically, if Bitcoin continues to stay above $125,000, the next step is expected to challenge $150,000.' BTC Markets analyst Rachael Lucas also believes that strong demand from spot ETFs and institutional investors will support the continuation of the upward trend until the end of the year, but in the short term, it may consolidate within the $120,000 to $125,000 range. 'Supply shortages and structural demand will drive prices steadily upward for the remainder of the year.'
Cardano surged 15%, targeting the key resistance of $1.
Driven by the overall market, Cardano (#ADA) recently rebounded from the $0.80 region, with a cumulative increase of 15%. The current price is consolidating around $0.95, just a step away from the key resistance of $1. Previously, ADA found support at $0.7650 and successively broke through resistance levels of $0.85 and $0.95, reaching a high of $0.9880, and is currently stabilizing above the Fibonacci 23.6% retracement level.
Technical indicators show that the ADA price has stabilized above the 100-hour moving average, with a key bullish trend line forming on the hourly chart, and support at $0.9350.
On the upside, $0.9880 is the short-term resistance, and a breakthrough will directly target the $1.00 level. If it can stabilize above $1.020, it may further challenge the range of $1.12 to $1.15. However, if it fails to break through the $1 resistance, it may trigger a pullback, with $0.96 and $0.9350 as important support levels. If it breaks below the trend line, it may test $0.912 or even $0.88.
In terms of indicators, the hourly MACD is continuously performing strongly in the bullish zone, and the RSI indicator remains above the 50 level, indicating that short-term bullish momentum is still present.
Overall, Bitcoin continues to show strength supported by multiple favorable factors, while whether Cardano's rebound can break through the $1 resistance will become a focal point for the market in the short term.
