Bitcoin (BTC) is currently trading at around $98,000. While the market conditions for altcoins have been favorable, Ethereum (ETH) has yet to break above $3,700. The decline in trading volumes over the weekend has limited major movements in altcoins. However, as of Monday, trading volumes are expected to increase and the expected movement in cryptocurrency markets is expected to begin.
Dogecoin (DOGE) has maintained its support at $0.38, and has found new support at $0.3 after a two-week decline. Bulls are expected to recover from this level and start the rally. In addition, Trump’s return to the presidency and his crypto-friendly policies could provide new investor flows to the market. Analyst Trader Tardigrade draws attention to DOGE’s potential to break new all-time highs.
For WIF Coin, the support level is stated as $2.2. If this level is exceeded, a serious rise is expected. If the price rises above $2.2 after testing the bottom level three times, the target of reaching peaks of $3 and above will be even stronger.
The total trading volume of cryptocurrencies has decreased to $83 billion, while the market value has fallen to $3.46 trillion. Although BTC increased by 4.5 percent on a weekly basis, it could not achieve a stable close at $98,500. The Fed minutes to be released on Wednesday are not expected to provide much support to cryptocurrencies.
If the US economic data to be released on Friday is positive, along with the updated interest rate projection, there could be a good opportunity for BTC. The Titan of Crypto notes that Bitcoin’s correction phase is over and as the lack of confidence decreases, BTC’s chances of exceeding previous all-time highs increase.