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In the past 24 hours, while there hasn’t been any significant development in the cryptocurrency space, Bitcoin (BTC) 
$103,711 has begun another upward movement. Expectations over the weekend of a potential meeting between former US President Donald Trump and China’s President did not materialize. Meanwhile, BTC’s price nudged towards $105,500, sparking movement in some altcoins.
Bitcoin (BTC) Insights
At the time of writing, BTC is poised at $105,500, showing a strong inclination for further ascension. This momentum in Bitcoin might be a harbinger of a substantial response from altcoins. January witnessed the $105,800 mark serve as a critical resistance point, which was tested once again recently and is now being challenged for the second time.
Should this pivotal threshold be surmounted in the forthcoming hours or days, a rapid rally towards $108,000 wouldn’t be surprising. Concurrently, the rally’s continuation could propel the all-time high (ATH) at $109,500 even higher.
However, the weekend effect with low trading volume and the prolonged disenchantment among investors regarding a bullish trend may restrict such a large movement, potentially turning this attempt into an upper wick. We’ll ascertain developments in a few hours.
Anticipating Ethereum’s Trajectory
In the ETHBTC pair, closures above the 0.02499 level have not been established. Yet, if investors deem it the right time, spurred by both BTC and ETH’s moves, we might witness new attempts within the 0.02727 and 0.03431 range. This phase will likely mark the beginning of significant surges in altcoins. While the loss of the 0.04978 zone seems improbable, a long-standing support level has turned into an unattainable target for 413 days.
At a value of 0.0343 dollars, the support has been lost for 126 days. However, we may observe that the effects of eroded tariffs benefit investors following a return to at least the first support point, indicating an approximate 20% increase in the ETHBTC pair. Considering the multiplier effect on altcoins, gains nearing 60% from altcoins would not be surprising.
In the USD pair, ETH remains beneath $2,600, with the main resistance to overcome at $2,700. Among the top 100 cryptocurrencies, VIRTUAL, AAVE, DOGE, and FLOKI quickly responded to BTC’s rise with upward shifts, whereas BGB, JASMY, and FORM showed minor losses amidst the recent uptick within the last hour.
