Digital Asset Market Posts Modest Gains; Bitcoin Faces Crucial Resistance Levels

The New York digital asset market kicked off trading on November 11 with modest upward momentum across major cryptocurrencies. According to CoinMarketCap data, Bitcoin (BTC), Ethereum (ETH), and other notable altcoins exhibited varied performances, capturing investor attention amid critical resistance tests.

Cryptocurrency Market Overview

Bitcoin (BTC) edged up 0.23%, trading at $113,850. The leading cryptocurrency's market capitalization reached $2.268 trillion (approximately KRW 3,160 trillion), with a 24-hour trading volume of $50.5 billion (around KRW 70.4 trillion). Ethereum (ETH) outperformed Bitcoin in percentage terms, gaining 1.15% to $4,418.

Among other major altcoins, Ripple (XRP) saw a fractional drop of 0.05% to $2.99, though it continues trending upward. Solana (SOL) climbed by 1.97%, reaching $227.46, while Cardano (ADA) declined 0.78%, landing at $0.8792. Dogecoin (DOGE) stood out with a jump of 2.67%, trading at $0.2490.

Bitcoin Tests Key Resistance at $114,500

Bitcoin remains the centerpiece of market analysis, following its bounce from a low of $107,270. The cryptocurrency's upward trajectory continues, marked by higher highs and higher lows. Analysts are eyeing $114,000 as a critical pivot point for short-term price action. If Bitcoin can breakout above $114,500, momentum could extend its rally beyond $120,000. Conversely, failure to maintain stability above $113,000 increases the likelihood of retesting the $110,000–$108,000 support range.

Technical indicators provide mixed signals regarding Bitcoin’s near-term prospects. The Relative Strength Index (RSI) registers at 54, suggesting moderate bullish momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) flashes a buying signal. However, concerns persist over muted trading volume, which may hinder Bitcoin’s ability to decisively overcome its current resistance levels.

Ripple (XRP) Targets $3.38; Focus Remains on $3 Support

Ripple (XRP) centers its price strategy around the $3 level, rebounding from $2.93 support. A confirmed move above $3.04 could spark bullish sentiment, driving the asset toward its next target at $3.38. XRP reported a 24-hour trading volume of $5 billion (approximately KRW 7 trillion), further reflecting robust investor activity.

Failure to maintain stability above $3 could lead to retesting the $2.93 level, with a deeper pullback likely dragging prices toward $2.70 if support weakens further. Ripple’s short-term outlook relies heavily on its ability to transcend resistance and lock in higher price levels.

Altcoins Display Mixed Sentiment

Altcoins presented a blend of gains and minor dips, signaling diverse investor sentiment across the secondary cryptocurrency market. Binance Coin (BNB) fell slightly by 0.15% to trade at $899, though it secured a 7-day gain of 5.89%. On the other side of the spectrum, HyperLiquid (HYPE) dipped 1.32% to $54.30 but retained a notable weekly gain of 18.71%. Avalanche (AVAX) extended its bullish movement, climbing 1.70% to settle at $28.90.

Market Sentiment and Outlook

The digital asset sector reflects a cautious mood, as shown by the Fear & Greed Index recorded at 47 (neutral). This indicator serves as a barometer for gauging investor sentiment, balancing between cautious optimism and lingering uncertainty.

The broader market outlook hinges on pivotal resistance levels for Bitcoin and Ethereum. Bitcoin’s ability to break above $114,500 and Ethereum’s challenge at $4,500 are expected to dictate short-term price trajectories and overall market direction in the coming days. These benchmarks provide critical insights into whether sentiment will pivot toward sustained bullish momentum or remain entrenched in cautious trading dynamics.

Continued monitoring of these resistance zones, combined with trading volume trends and technical signals, will be crucial in determining the next chapter of the digital asset market trend. Investors should remain attuned to developments that could shape price action across the board.