Bitcoin climbed above $115,000 on Sunday night. The leading digital asset was traded at around $115,218 at press time, marking a 3.41% rise in the past 24 hours. Daily trading volume also grew to $47.6 billion. The wider crypto market followed suit, with total capitalisation increasing to $3.9 trillion and overall trading volumes surging 68.41% to $139.39 billion.
According to data from TradingView, Bitcoin’s price is nearing a resistance level of $115,400, a point that has repeatedly halted upward momentum in recent weeks. According to the technical indicators, the RSI value of 75.67 points to slight overbuying, while the MACD remains positive, suggesting continued short-term buying strength.
Bitcoin 4-hour chart, Source: TradingView
Analysts believe the market is preparing for larger price movements. Daan Crypto Trades noted, “Sentiment was bearish going into September, which ended up green. Sentiment was bullish going into October, which is red as of the time of writing.
Meanwhile, Bitcoin’s price has opened & closed within a small 8% price range during the past 4 months. A bigger move is coming at some point.” He expects stronger volatility as 2025 approaches.
Crypto Caesar also commented that “$BTC bitcoinbuilder is testing a key resistance around $112K. A CLEAN break and close above it could confirm a bullish continuation toward $123K.” Similarly, trader Astronomer said that long positions from $107K remain open with targets near $118K but warned that a CME gap may close before further upside.
Bitcoin dominance. Source: CoinMarketCap
Supporting the above statement, CoinMarketCap data shows that Bitcoin continues to dominate with 58.9% market share, followed by Ethereum at 13.1%. Altcoins like Bitcoin Cash, Zcash, and Uniswap have gained more than 10% in the past 24 hours.
Also Read: Bitcoin Long-Term Holders Move $7B as Market Momentum Slows
