Bitcoin Breaks $97K as Crypto Market Surges Amid Regulatory Shifts

Bitcoin, the world's largest cryptocurrency, has broken through the $97,000 mark, marking a significant milestone in its ongoing rally. This comes amidst regulatory changes that have sparked a 6% gain in XRP, the native token of Ripple. The cryptocurrency market has seen a modest increase of 1.58% over the past 24 hours, with a total market capitalization of $3.19 trillion.

Bitcoin is currently trading at $97,125.77, having bounced back from a crucial support level. Ethereum is at $2,669.98, while XRP has surged to $2.49, marking a 5.05% gain in the past 24 hours. Other top 10 coins include Solana (SOL) at $206.07, BNB at $616.95, and Dogecoin (DOGE) at $0.2574.

Bitcoin is holding support around $95,000 to $96,000, with the next support zone between $92,000 to $93,000. The cryptocurrency is currently lacking clear momentum and has been moving sideways with small bullish and bearish fluctuations. This choppy action is expected to continue for the next few days, with possible clearer price movement next week.

In terms of resistance, there is a short-term hurdle just below $99,000, with major resistance between $101,000 and $103,000, and even more significant resistance between $106,000 and $107,000.

Analysts suggest that the current situation on Bitcoin's monthly chart feels similar to the 2017 cycle, with a massive pump followed by consolidation. This could potentially gear up for the next big push. Altcoin Daily has stated that crypto is on the verge of entering its next chapter, and it's happening now, globally.