Bitcoin Rises Above $111K, Approaches Record High
Bitcoin (BTC) made a sharp upward move in the past two hours, reclaiming the $111,000 level for the first time since late May. This rally comes after a period of slight market hesitation, with BTC breaking past a major resistance zone near $109,500.
The sudden spike has reasserted Bitcoin’s dominance in the crypto market, which had slightly dipped in recent days. Market share, which fell to 63.99%, has now bounced back to 64% as BTC regains momentum. Some analysts had anticipated a possible altcoin rally, but Bitcoin’s price action has shifted sentiment back in its favour.
The leading cryptocurrency is now approaching its all-time high of $111,970, and bulls are eyeing fresh targets at $115,000 and potentially $120,000, if buying pressure continues.
However, the rally could face headwinds from increased profit-taking. If Bitcoin drops below the $109,500 threshold again, it may revisit support levels around $107,100 or even $104,000, especially if bullish momentum fades.
