Bitcoin on the Verge of a Price Explosion; Is $100,000 the Next Target?

On Wednesday, Bitcoin fluctuated around $87,600 after finding support near its key level from the previous day. Ethereum and Ripple followed Bitcoin’s path, retesting their key support levels.

According to the Science and Technology Service of SaedNews, cryptocurrencies have been on an upward trajectory ahead of the upcoming White House meeting on this sector. In this meeting, officials will present their comprehensive plan for digital currency storage and its implications for the future of digital money in the U.S. If Bitcoin maintains its $85,000 support level, its price could continue to rise.

ISNA reported that on Sunday, Bitcoin surpassed $95,000 but then dropped 8.54% the next day. However, on Tuesday, it briefly fell below the daily support level of $85,000 before rebounding above it. This support level aligns closely with the 200-day Exponential Moving Average (EMA) at $85,759, making it a crucial support zone. On Wednesday, Bitcoin traded slightly higher at $87,600.

According to FXStreet, if Bitcoin holds above $85,000, it could recover and retest Sunday’s high of $95,000. The Relative Strength Index (RSI) is currently at 41, trending toward the neutral level of 50, indicating mild downward momentum. For Bitcoin to sustain an upward trend, the RSI must move above neutral levels, which could enhance the rally.

The total global cryptocurrency market cap is now estimated at $3 trillion, marking a 4.36% increase from the previous day. Bitcoin dominates 60.66% of the crypto market, showing a 0.38% daily increase.

The total 24-hour crypto market volume reached $121.4 billion, a 16.25% decrease. The volume of decentralized finance (DeFi) transactions is $7.53 billion, making up 6.20% of the total 24-hour market volume. Stablecoins account for $114.32 billion, which is 94.17% of the total 24-hour volume.

Below is a breakdown of the top 10 largest cryptocurrencies by market capitalization:

1. Bitcoin (BTC)

- Price: $91,686.47

- 24h Change: +4.79%

- 7-day Change: +6.29%

2. Ethereum (ETH)

- Price: $2,292.54

- 24h Change: +4.30%

- 7-day Change: -3.11%

3. Ripple (XRP)

- Price: $2.51

- 24h Change: +2.89%

- 7-day Change: +12.48%

4. Tether (USDT)

- Price: $0.9998

- 24h Change: 0.00%

- 7-day Change: +0.06%

5. Binance Coin (BNB)

- Price: $605.78

- 24h Change: +2.42%

- 7-day Change: -2.02%

6. Solana (SOL)

- Price: $149.05

- 24h Change: +4.63%

- 7-day Change: +5.45%

7. USD Coin (USDC)

- Price: $0.9998

- 24h Change: -0.02%

- 7-day Change: -0.01%

8. Cardano (ADA)

- Price: $0.9392

- 24h Change: +0.60%

- 7-day Change: +40.15%

9. Dogecoin (DOGE)

- Price: $0.2104

- 24h Change: +5.42%

- 7-day Change: +0.51%

10. Tron (TRX)

- Price: $0.2453

- 24h Change: +1.53%

- 7-day Change: +7.23%