Bitcoin Faces Stiff Resistance at $120,000 While Altcoins Continue Bullish Rally

Bitcoin (BTC) remains heavily resisted at the $120,000 threshold, leading investors to suspect a period of consolidation, while major altcoins such as Ethereum (ETH) and Dogecoin (DOGE) are maintaining robust upward momentum. Overall market sentiment remains optimistic, as the widely-watched Fear & Greed Index remains firmly in the “Greed” zone.

Bitcoin Price Analysis: Consolidation Below Key Resistance

As of October 18, Bitcoin is trading at $119,513 on Binance, marking a 1.29% uptick from the previous day. Over the past 24 hours, BTC's price fluctuated within a tight range, hitting a high of $120,689 and a low of $117,715—indicative of market consolidation.

Bitcoin has made significant strides over the past month, rallying from $98,000 to peak at $123,000 before encountering strong resistance near $120,000. Technical indicators reflect waning bullish momentum, with the Relative Strength Index (RSI) falling to 69 from previously overbought levels, while the stochastic oscillator sits at 73. Moreover, consecutive bearish candlestick patterns signal growing short-term selling pressure.

Market analysts are interpreting the slowdown as a "healthy correction." However, they caution that failure to breach the $120,000 resistance could lead to intensified selling by short-term holders. Currently, key support stands at $117,000, while a breakdown below this level may drive BTC towards $115,500.

Ethereum Leads Altcoin Surge Amid ETF Optimism

Altcoins continue to outperform as Ethereum (ETH), up 5.89% over the past 24 hours, now trades at $3,630 with a remarkable weekly gain of 21.52%. The rally is fueled by optimistic speculation surrounding spot Ethereum ETF approvals, driving substantial institutional inflows. Over the past five trading sessions alone, ETH-related ETFs have attracted a reported $1.8 billion in investments, representing 4% of the total ETH supply.

XRP also showcased solid strength with a 7.49% climb to $3.51, marking an impressive 31.27% rise over the week. The altcoin is approaching its previous all-time high, supported by ETF-related buzz. Meanwhile, Dogecoin (DOGE) surged 13.41% to hit $0.2466, continuing its meteoric rise. Other gainers include Binance Coin (BNB), up 4.21% at $749.67, and Solana (SOL), inching up 1.64% to $180.03.

The broader crypto market capitalization reached $3.91 trillion, up 2.49% from the day prior, highlighting overall optimism. As greed-driven sentiment persists, the Fear & Greed Index remains at 71, further emphasizing bullish market dynamics.

U.S. Stock Market Steadies Amid Positive Macro Signals

In traditional financial markets, U.S. stock futures closed on a positive note, buoyed by favorable economic readings. The Dow Jones Industrial Average gained 0.29%, while the S&P 500 rose 0.08%, and the Nasdaq Composite edged up by 0.04%. June retail sales data surprised to the upside, rising 0.6% compared to the forecasted 0.1%, signaling a recovery in consumer confidence.

Declining initial jobless claims further eased fears of a potential economic slowdown. Investors are now closely monitoring corporate earnings reports from blue-chip companies such as 3M, American Express, and Charles Schwab, with results expected later today. Although Netflix's earnings underperformed market expectations, many firms delivered strong fundamentals, sustaining overall investor optimism.

On the monetary policy front, the possibility of a Federal Reserve interest rate cut in September remains under consideration. The CME FedWatch tool suggests a 54% likelihood of a rate decision favoring a cut, while political concerns—including former President Trump's critiques of the Fed and speculation about replacing Chair Jerome Powell—are currently exerting minimal influence on the markets.

Conclusion: Crypto Market Awaits Bitcoin’s Next Move

Both traditional markets and the cryptocurrency sector are showing signs of recovery in risk appetite. Analysts predict that rotational buying within the altcoin market could persist as traders capitalize on Ethereum’s ETF momentum and bolstered sentiment across other coins.

The broader market direction, however, hinges on Bitcoin’s ability to decisively break past its formidable $120,000 resistance. Should BTC manage to breach this barrier, it could spark renewed bullish momentum across the digital asset space. Investors are advised to follow price action closely, as volatility may heighten in the days ahead.

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