Bitcoin (BTC) approached $120,000 (about $166.8 million) during the weekend with an upward trend, but was blocked by resistance and is showing a downward trend again. In contrast, Binance Coin (BNB) is leading the bullish market by setting new record highs daily. The announcement of a new trade agreement between the United States and the European Union (EU) lifted the market's short-term energy, but selling pressure at major resistance points remains strong.
BTC has been consolidating in a range between $117,000 and $120,000 (about $162.63 million to $166.8 million) over the past ten days. However, from Thursday to Friday last week, it sharply declined to $114,500 (about $159.31 million) after Galaxy Digital sold about 80,000 bitcoins on behalf of a third party. After the selling volume was absorbed, the price quickly recovered and tested the upper limit during the weekend.
The news that Trump reached a trade negotiation with the EU positively affected market sentiment. Immediately after the announcement, Bitcoin briefly soared to $119,000 (about $165.41 million) but was soon adjusted due to strong selling pressure. At the time of reporting, Bitcoin is trading around $119,000, slightly down from the previous day.
Bitcoin's market capitalization remains around $2.365 trillion (about 3,292.35 trillion won), but its market dominance has fallen below 59%. This is interpreted as a signal that investors are diversifying their funds into assets other than Bitcoin, coinciding with the strength of the altcoin market.
BNB is undoubtedly the most notable asset. After breaking through $800 (about 1,112,000 won) recently and experiencing a correction, it has returned to an upward trend, recording a new historical high of over $850 (about 1,181,500 won) early this morning. Strong buying pressure has led to two new highs in a short period.
Ethereum (ETH) also showed a remarkable performance. It recently touched $3,900 (about 5,421,000 won), threatening the technical resistance line, and XRP has also exceeded $3.25 (about 451 won). Other major altcoins such as Avalanche (AVAX), Inner ZEN (ENA), Cronos (CRO), Internet Computer (ICP), and Uniswap (UNI) also rose by 3-13%, adding overall market vitality.
The total cryptocurrency market capitalization increased by $60 billion (about 83.4 trillion won) in a day, again surpassing $4 trillion (about 5,560 trillion won). This shows that traders and investors are sensitive to global geopolitical variables and increased market trading volume.
The market expects the psychological resistance of $120,000 to be a critical turning point for now. Despite the strength of altcoins including BNB, the prevailing view is that Bitcoin's direction will be the key variable in determining whether a full-scale bullish market will be entered.
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