The Bitcoin (BTC) market experienced significant levels of resistance ranging from $30,000 to $31,000 during the early session in London on Friday. However, concerns about a possible Bitcoin double top on the weekly timeframe have left traders wary of a possible reversal, despite the overall bullish sentiment.
Consequently, many crypto traders have shifted their focus to altcoins which offer a more positive outlook with minimal weekly resistance compared to Bitcoin. In addition, Bitcoin’s trading volume is down about 47 percent in the past 24 hours, while alternative cryptocurrencies such as PEPE have seen trading volume increase by about 30 percent.
Institutional investors seeking exposure to cryptocurrencies continue to exhibit strong bullish sentiment towards the Bitcoin market. This significant demand for Bitcoin is evident as Open Interest (OI) is up 2 percent over the past 24 hours to about $14.37 billion.
Bitcoin & Ethereum to the moon?
Crypto Banter analyst Kyledoops, who boasts an impressive subscriber count of over 637,000 on YouTube, suggests that the bearish sentiment around cryptocurrencies has subsided, and predicts a rise in the price of Bitcoin to $32,000.
During his analysis, Kyledoops emphasized that the price of Ethereum is well positioned to rise to USD 2,100 or possibly even higher, to around USD 2,400.
PEPE looks promising
Regarding the frog-themed meme coin, PEPE (PEPE), the analyst maintains that a possible breakout and subsequent consolidation at the support level is highly plausible before the rally continues. Recent market data shows Pepe’s price is up about 67 percent over the past seven days, trading around $0.00000157 on Friday.
