- Bitcoin neared the $97,000 price level, just 3% off from its all-time high.
- $1.2 billion are at the risk of being liquidated in BTC longs if BTC dips to $94.3K.
- XRP surged 8.17% in 24 hours amid bullish partnership announcements.
Bitcoin (BTC) made its way to the $97,000 price level in the past 24 hours, surging 0.6% and aiming for the $100,000 milestone. Following BTC’s lead, altcoins posted significant gains, with major tokens maintaining an upward trend.
As per CoinMarketCap data , Bitcoin trades at $96,204.85, at a 3.3% discount from its all-time high of $99,655.50, seen just six days ago. Interestingly, Coinglass data reveals $186.15 million liquidated from the crypto market, with $84.43 million in shorts contributing to Bitcoin’s price rise.
Bitcoin’s Trading Range and Liquidation Risks
It is important to note that BTC has been fluctuating between $99,000 and $90,000, suggesting that consolidation in this zone could drive more capital into altcoins as investors reinvest Bitcoin profits.
Additionally, Coinglass data shows that if BTC falls to $94,300, a monumental $1.12 billion in longs are at the risk of being liquidated. On the other hand, if Bitcoin claims the $98,100 price level, a significant $842 million in BTC shorts.
Interestingly, The Relative Strength Index (RSI) for Bitcoin stands at 67, signaling that buyers are currently steering its price. Analysts believe the upward momentum toward $97,000 is strengthening, driven by this buyer activity.
Read also: Altcoin Season Index Hits 60 as Bitcoin Rally Challenges Market Liquidity
XRP and ALGO Lead the Altcoin Surge
Bitcoin’s 33% rise over the past 30 days has fueled gains for altcoins like XRP and Algorand (ALGO). XRP surged 8.17% in the past 24 hours to trade at $1.61, while ALGO climbed 18.37% to $0.3411.
XRP’s rally coincides with partnerships involving Cardano (ADA) and its expanding regulatory relationships globally. Ripple may also see a boost from Donald Trump’s reelection, which is viewed as a potential driver of pro-crypto policies.
ALGO’s growth reflects a broader influx of users and capital into the crypto space following Election Day, reinforcing its upward trajectory.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
