Bitcoin’s Growth Explodes: Will $116K Resistance Trigger Further Gains?

• Bitcoin gains momentum with steady growth, fueled by strong interest from retail and institutional investors.
• Trading volume surged by 16.53%, reaching $55.23 billion, reflecting high investor confidence.
• Analysts highlight key resistance at $116K and support at $113K, crucial for Bitcoin’s short-term price movements.

Bitcoin (BTC) is gaining momentum steadily, and analysts say the asset will continue experiencing growth in the weeks ahead. Retail and institutional investors have been keen, and this has led to an upward trend of the cryptocurrency. Should this momentum persist, BTC will have breached critical levels of resistance, indicating a possibility of further expansion.

As of press time, Bitcoin was trading at $114,070, an increase of 1.84% over the last 24 hours. The volume of trade has increased significantly by 16.53%, and it is currently at $55.23 billion. Such a surge reflects high investor confidence and activity in the market. However, in the past week, Bitcoin has grown by 3.25%, which is strong growth.

Source: CoinMarketCap

Bitcoin Eyes $116K Resistance After Recovery

Crypto analyst CryptoVIPsignal highlighted that Bitcoin is recovering after testing its support and is currently trading for over $114,000. This signifies that the market has regained the optimistic momentum. The resistance level to be monitored is at $116,000, and the support is at $113,000.

These levels in the coming days will have a big impact on the immediate price movement of Bitcoin and must be carefully followed by traders. The move out of resistance or push beyond support can indicate the resurgence of the upward trend.

Source: X

Also Read: Dogecoin Price Forecast: Can a Break Above $0.25 Trigger a Run to $0.30?

Furthermore, Open4profit, another analyst, mentioned that the coin has breached a significant resistance line. This breakthrough has ascertained after numerous tries that the bulls are back in control. The price of BTC has reached more than $114,000, which indicates strength in the market. The most important levels to monitor are the support level of $113,000 and the resistance level of $117,000.

Source: X

Open Interest Rises as Bitcoin Volume Increases

According to CoinGlass data, the trading volume of Bitcoin has increased by 22.87% and stands at $87.46 billion. However, open interest is also increased by 2.30% to $84.37 billion. These numbers indicate that the market is looking more active, and more investors are becoming involved in Bitcoin. The BTC OI-Weighted Funding Rate is positive at 0.0044%.

Source: CoinGlass

Analysts are also optimistic about the future of BTC, as it has been performing strongly. Important statistics, such as CPI data, may reduce the price of the BTC in the short run. Nevertheless, up to this point, BTC is still staying strong, and its prognosis is upbeat, as it spreads among investors.

Also Read: Ethereum Steady as Market Eyes $4,500 Break for Uptrend