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Bitcoin revived its streak of forming new all-time highs (ATHs) over the last 24 hours as the broader market continued to remain bullish. While threat of profit taking continues to loom over the crypto market, altcoins are standing strong in their attempt at making the most of the momentum.
BeInCrypto has analyzed crypto tokens that reached their new all-time high over the past day, led by the king, Bitcoin.
Bitcoin (BTC)
Bitcoin is currently trading at $93,313, slightly below its recent all-time high of $93,912. This new ATH surpassed the previous record set last week, reigniting enthusiasm among investors and signaling resilience in the ongoing rally. The slight dip afterward highlights Bitcoin’s dynamic price action amid heightened market activity.
The achievement of another all-time high has bolstered optimism among traders, demonstrating that the bullish momentum remains intact. This development suggests that Bitcoin may continue its upward trajectory, potentially enticing further institutional and retail interest. However, sustaining this momentum will be crucial for long-term price stability.
Should Bitcoin fail to maintain its recent gains and drop below the critical support level of $89,800, the cryptocurrency could face a drawdown. A decline to $85,000 would impact investor sentiment and could also trigger additional selling pressure, threatening to weaken Bitcoin’s ongoing bullish outlook.
Bonk (BONK)
BONK reached an all-time high of $0.00006230, marking its fifth ATH in seven days. However, the meme coin corrected slightly, dropping to $0.00005339. This price action highlights its high volatility and strong market interest, driven by investors betting on the rising popularity of meme coins.
The ongoing streak of ATHs signals heightened investor confidence in meme coins like BONK. This trend could significantly benefit such tokens, particularly as the broader market sentiment remains favorable. The continued influx of speculative trading may keep BONK on an upward trajectory if the momentum is sustained.
However, BONK must maintain its rally above the crucial $0.00004736 support level to avoid losing market confidence. A drop below this level could push the meme coin down to $0.00004114, with any further decline invalidating the potential for another ATH in the near term.
LEO Token (LEO)
LEO posted a new all-time high of $8.50, rising by nearly 8% over the last 24 hours despite not ranking among the day’s best performers. The altcoin’s steady growth reflects rising investor confidence and its potential to maintain upward momentum in a volatile market.
LEO’s current challenge lies in sustaining its bullish momentum. To continue its uptrend and achieve higher highs, the altcoin must capitalize on its recent rally and avoid significant profit-taking. Any signs of weakening sentiment could hinder its ability to maintain this trajectory.
If the bullish momentum falters, LEO may face a decline toward the support level of $7.63. Losing this key support would make recovery difficult and could invalidate the current bullish outlook, leaving investors cautious about further price action.