The cryptocurrency market is witnessing a strong breakout, with Bitcoin (BTC), the leading representative of the digital asset, setting a new all-time high, which is increasing investor interest. investment across the industry, as other major tokens also hit record highs.
TinTucBitcoin analyzed two other cryptocurrencies with Bitcoin reaching new highs, adding fuel to the fire of optimism in the market.
Bitcoin (BTC)
Bitcoin has spent a week continuously reaching new highs, with the most recent peak being $81,836. Currently trading just slightly lower at $81,265, BTC’s steady growth continues to attract investor excitement, marking Bitcoin’s excellent performance in the market.
Investor optimism has placed the next target for Bitcoin at $85K, an important psychological support level. With a 6% increase in the past 24 hours, Bitcoin could rise another 4% to reach this milestone, reinforcing the bullish sentiment in the crypto space.
However, if market momentum cools and Bitcoin turns around without reaching a new peak, a drop to $77,175 is possible. A drop below this support could invalidate the current bullish outlook, signaling a potential shift in trader confidence.
Cat in a Dogs World (MEW)
MEW has followed Bitcoin’s recent rise, reaching a new all-time high at a price of $0.0120. Up 27% in the past 24 hours, the cat-themed Meme Coin is showing a strong upward trend as investor interest grows.
Despite its strong growth, MEW’s status as a Meme Coin means it faces the risk of short-term selling or profit-taking by long-term (LTH) investors at its peak. This could lead to a possible price drop as traders take profits, weighing on the coin’s recent rise.
With a support floor established at $0.0090, MEW is likely to stabilize here if a decline occurs. However, any drop below this level will challenge the optimistic outlook, suggesting that further gains may be limited.
SUI
SUI’s price has increased 20% in the past two days, reaching a new all-time high at $3.30. This is SUI’s third high in the past week, reflecting persistent investor optimism and strong momentum as the altcoin attracts more and more attention in the market.
While investors remain optimistic about SUI’s continued growth potential, the potential for profit-taking could put pressure on the price. Such activity could cause a gradual rally as traders take profits, which could cool the recent rally if selling picks up.
Currently, SUI has support at $2.36, a level that a return to would erase recent gains. However, if SUI can establish a new support level around $3.00, it will have a stronger chance to maintain the uptrend and possibly hit higher targets in the near future.