Zinger Key Points
- The global cryptocurrency market capitalization has risen 1.4% to $3.3 trillion, as Bitcoin has broken the $100,000 mark.
- One trader highlights $101,000 as a potential resistance level, while another forecasts Bitcoin reaching $111,000.
- Get Wall Street's Hottest Chart Every Morning
Cryptocurrency markets are trading higher on Monday despite record volatility seeing Bitcoin swing $10,000 per coin in nominal value over 24 hours.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $102,020.83 | +4% |
| Ethereum ETH/USD | $2,737.78 | -7.5% |
| Solana SOL/USD | $212.78 | +4.3% |
| XRP XRP/USD | $2.68 | -0.03% |
| Dogecoin DOGE/USD | $0.279 | +1.2% |
| Shiba Inu SHIB/USD | $0.00001615 | +1.7% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increased by 26.6% and daily active addresses down by 0.4%. Transactions greater than $100,000 are up from 9,417 to 9,766 in a single day. Exchanges netflows are down by 253%.
- Coinglass data reports 589,500 traders were liquidated in the last 24 hours for $1.98 billion.
Notable Developments:
- Bitcoin, Ethereum, XRP Dip Leaves Crypto Industry Unfazed: ‘We’re Going A Marathon,’ Expert Says
- Don’t Buy The Dip On Bitcoin, Ethereum, XRP Yet, Standard Chartered Warns
- EXCLUSIVE: Anthony Scaramucci Warns Donald Trump’s Crypto Promises May Be A ‘Mirage’
- Robinhood To Offer Super Bowl Event Contracts
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Fartcoin FARTCOIN/USD | $0.8219 | +26% |
| MANTRA OM/USD | $5.89 | +16.9% |
| Hyperliquid HYPE/USD | $25.14 | +15.7% |
Trader Notes: More Crypto Online suggests Bitcoin is currently in Wave 5 of a larger Wave 3, targeting a range between $100,275 and $101,028.
However, the full 5-wave upward pattern hasn’t completed yet, so the reversal isn’t confirmed.
If the five waves form, a pullback could bring Bitcoin back to around $98,000.
Rekt Capital notes that Bitcoin has hit the $101,000 level, but it needs to close above this level on the daily chart and successfully retest it as support to confirm further upward movement.
If successful, Bitcoin could continue towards the blue diagonal resistance. Until then, $101,000 remains a key resistance.
Crypto trader Kevin observes that liquidity is positioned to the upside, with billions in liquidity blocks extending to $111,000.
After the initial move down, Bitcoin is expected to make its way toward $111,000, though the journey may be choppy.
However, the general expectation is that it will eventually reach that target.
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