Yigit Taha OZTURK 
The crypto market might be on the verge of a new breakout. Recent price action suggests that Bitcoin could be leading another strong rally, as traders closely monitor critical support and resistance levels. This week may prove pivotal in shaping near-term market sentiment.
Support Reaction Followed by Resistance Break
The previously highlighted $116,390 support level acted as a solid launchpad for Bitcoin. The price responded impressively from this level and managed to break through the resistance range of $118,000 – $118,400. Following the breakout, the price reached the $119,000 target, reinforcing bullish expectations.
You Might Be Interested In: Sonic SVM Research: Can New Stablecoins Shake Up the Old Order?
All eyes are now on the $120,760 level. If this resistance is breached, we might witness an attempt at a new all-time high. Market participants are closely watching this development, as it could shift the overall sentiment not just for Bitcoin, but for the broader crypto landscape.
Cautious Optimism in the Altcoin Market
Meanwhile, Bitcoin dominance remains at a key support zone, while the Total2 index, which represents the altcoin market, is testing resistance. This contrast signals the need for cautious positioning in altcoins. Waiting for confirmation signals before entering long trades could be prudent.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.