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BTC is trading around $73,000. A decisive move above $74,000 on strong volume could trigger a rise to $80,000, the former support level from November.
Tokens like PEPE, BONK, and PENGU have shown significant growth, helping to raise the altcoin season index to 48 and increase the cryptocurrency market capitalization, excluding Bitcoin, to approximately $1.1 trillion.
Signs of overbought conditions on the relative strength index indicate that memecoins may face a bounce before any sustained breakout in the broader altcoin market.
If Bitcoin, the largest cryptocurrency by market capitalization, can overcome the $74,000 mark on convincing volume, it is likely to return to $80,000, which was a support level in November before the final breakout in January.
On the other hand, a pullback will lead to a return to the trading range between $62,000 and $72,000, which has been maintained for over a month.
But the main news on Monday concerns not cryptocurrency companies, but the altcoin market and specifically memecoins.
The PEPE index has risen approximately 20% in the last 24 hours, while BONK and PENGU have also increased by double digits. However, the 'overbought' conditions indicated by the relative strength index (RSI) suggest that a pullback may occur before any breakout.
Oil prices remain elevated above $106 per barrel, despite reports that the U.S. is considering forming a coalition to escort vessels through the Strait of Hormuz, a key trade route.
U.S. stock futures rose approximately 0.5%, with cryptocurrency-related companies showing gains in pre-market trading. Shares of cryptocurrency exchange Coinbase (COIN) recently increased by 3%, while shares of Circle Internet (CRCL) gained 5%. Shares of Bitcoin treasury company Strategy (MSTR) rose by 4%.
Precious metals fell, and the dollar weakened, reflecting risk sentiment.
BTC78,150.09+0.18%
BNB628.17-0.65%
ETH2,326.62-0.83%