The Bitcoin (BTC) market encountered a significant resistance level ranging from $30k to $31k during the early London session on Friday. However, concerns about a potential Bitcoin double-top on the weekly time frame have left traders wary of a potential reversal, despite overall bullish sentiments.
Consequently, many crypto traders have shifted their focus to altcoins that present a more positive outlook with minimal weekly resistance compared to Bitcoin. Moreover, Bitcoin’s trading volume has dropped by approximately 47 percent in the past 24 hours, while alternative cryptocurrencies like PEPE have witnessed a trading volume increase of about 30 percent.
Institutional investors seeking exposure to cryptocurrencies continue to demonstrate a strong bullish sentiment toward the Bitcoin market. This significant demand for Bitcoin is evident as Open Interest (OI) has surged by 2 percent in the past 24 hours, reaching approximately $14.37 billion.
Bitcoin & Ethereum To The Moon?
Crypto Banter’s analyst Kyledoops, who boasts an impressive subscriber count of over 637k on YouTube, suggests that the bearish sentiment surrounding cryptocurrencies has dissipated, predicting a rise in Bitcoin price to $32k.
During his analysis, Kyledoops emphasized that Ethereum’s price is well positioned to surge towards $2,100 or potentially even higher, reaching around $2,400.
PEPE Looks Promising
Regarding the frog-themed meme coin, PEPE (PEPE), the analyst asserts that a potential breakout and subsequent consolidation at a support level is highly plausible before continuing its rally. Recent market data reveals that Pepe’s price has seen a gain of approximately 67 percent over the last seven days, trading around $0.00000157 on Friday.
