Bitcoin (BTC) Nears Its All-Time High as Ethereum (ETH) and Altcoins Initiate Upward Rallies

Bitcoin (BTC) is demonstrating remarkable resilience, maintaining its position near the $110,000 mark, just shy of the all-time peak at $111,980.

Bitcoin (BTC) is pivoting closely around a key price level as traders assess the potential for further gains following a period of consolidation.

At the time of writing, Bitcoin is trading at around $109,900, down slightly over the past few hours. This keeps the world’s leading cryptocurrency in sight of the all-time high of $111,980, reached earlier in September.

Bitcoin has remained in a tight range after notching triple-top resistance at $109,000. But data from CoinOTA shows that buyers have been able to defend the $109,000 support level throughout.

This strong defense of a key support level bodes well for the potential for further gains in the coming days and weeks.

Bitcoin Remains in the Spotlight

Bitcoin has been largely in the spotlight this week as macroeconomic headwinds continue to escalate.

With the U.S. and China reportedly nearing a trade agreement, there could be potential for some stability to return to the global economic landscape. This has helped to pour some optimism into risk assets, including cryptocurrencies.

In the meantime, several altcoins have also begun to show promising signs of upward momentum.

Ethereum (ETH) has now broken through the $2,738 resistance, opening the door for further gains. The upward trajectory is being supported by a rising 20-day exponential moving average and a strong Relative Strength Index, both of which point to robust buying pressure.

Elsewhere, altcoins like Hyperliquid (HYPE) have also begun to breakout. HYPE is now clearing the $42.25 resistance and could be setting sights on higher levels around $50.

More Altcoins Break Out From Key Levels

Several other altcoins are also beginning to show promising technical setups.

Chainlink (LINK) has finally broken out of the descending channel that had been keeping bearish traders in control since the start of the year. This breakout suggests that the bears are finally losing their grip, setting the stage for a rally toward $20.

Solana (SOL) and Cardano (ADA) are both pivoting around key resistance zones. If either token can manage to break through these levels, then they could extend their recent gains.

These moves highlight a broadening market recovery as investors begin to diversify their crypto exposure following the turbulent market conditions seen in 2022.

Market Sentiment P Pivotal

While there is optimism in the market, some analysts are still urging caution.

Brian Quinlivan, an analyst at social token analytics firm Santiment, says that rising social media hype around new Bitcoin highs could be setting up the market for contrarian behavior.

According to Quinlivan, retail trader activity and social media chatter tend to escalate ahead of market peaks, which could indicate that another short-term correction is due.

However, researchers at crypto investment firm Bitwise are projecting that Bitcoin’s “fair value” could reach as high as $230,000 by the end of the year.

This projection is based on a macroeconomic analysis of factors such as fiscal instability, improving investor sentiment toward crypto, and the potential for Bitcoin to serve as an inflation hedge.