Bitcoin Rallies Near $82K as Dogecoin Overtakes USDC in Market Shakeup
Bitcoin Rallies Near $82K as Dogecoin Overtakes USDC in Market Shakeup
Bitcoin (BTC) surged past the $81,000 mark over the weekend, fueled by record-breaking trading volumes and sustained bullish sentiment across the crypto market. As the week begins, Bitcoin is inching closer to $82,000, sparking renewed optimism among traders and pushing major tokens like Dogecoin (DOGE) to impressive gains. DOGE recently flipped USDC and XRP to become the sixth-largest cryptocurrency by market cap.
The market’s bullish tone follows Donald Trump’s presidential win and speculation around a strategic bitcoin reserve—a campaign promise that has ignited fresh interest in digital assets.
Bitcoin’s Bullish Rally to $82K
Bitcoin’s rally continued over the weekend, with the cryptocurrency adding 5.6% in the past 24 hours and surpassing the $81,000 level. Trading volumes surged to nearly $100 billion, an unusually high figure for weekend sessions, as typically, volumes decline when institutional traders are less active.
Analysts view these high weekend trading volumes as a bullish signal, suggesting continued upward momentum. Meanwhile, futures premiums on BTC products have soared, with significant interest in $80,000 call options on Deribit, indicating strong bullish bets as traders hedge around this key level.
The Trump Effect and Anticipation of a Bitcoin Reserve
The recent election of Donald Trump as U.S. president has sparked widespread interest in Bitcoin and the broader crypto market. Trump’s campaign included a commitment to creating a strategic bitcoin reserve, a move that would elevate BTC’s status as a national asset. The potential for such a reserve has fueled optimism, with some traders eyeing $100,000 as a possible target in the near term.
On top of this, Bitcoin exchange-traded funds (ETFs) in the U.S. saw a record inflow of $1.3 billion last Thursday, led by BlackRock’s IBIT, signaling significant institutional interest.
Dogecoin Leads Gains Among Majors, Flipping USDC and XRP
Dogecoin (DOGE) emerged as a major winner, rising 30% in the last 24 hours and flipping both USDC and XRP to become the sixth-largest cryptocurrency by market cap. This recent price surge has been driven in part by renewed endorsements from technology entrepreneur Elon Musk, pushing DOGE up 88% over the past 30 days.
The rally in Dogecoin highlights a broader trend in dog-themed tokens, which saw an average gain of 30% over the weekend, according to CoinGecko data. With memecoins leading gains across the market, traders are paying close attention to potential moves in Shiba Inu (SHIB) and other related tokens.
Technical Analysis: Key Levels to Watch for Bitcoin and Dogecoin
Bitcoin (BTC)
- Resistance at $82,000: BTC faces a critical resistance level at $82,000. A clean breakout above this level could open the path to $85,000 and beyond, as traders continue to bet on the momentum from Trump’s election and anticipated policy changes.
- Support at $78,000: On the downside, $78,000 serves as the first support level. If BTC pulls back, traders will watch this level for potential buying interest to maintain the upward trend.
- Futures Premiums: Elevated futures premiums indicate a strong bullish bias, with $80,000 calls being especially popular. This trend could push BTC even higher if the premiums continue to rise.
Dogecoin (DOGE)
- Resistance at $0.10: After flipping USDC and XRP, DOGE faces resistance at $0.10. Breaking through this level could signal the start of a new bullish leg for Dogecoin, especially with the support of Elon Musk and strong community backing.
- Support at $0.085: DOGE’s support level at $0.085 has held firm over the weekend. Traders will likely watch for consolidation around this level as DOGE aims for higher targets.
Broader Market Impact and Future Outlook
The broader crypto market, including Ether (ETH), BNB, and XRP, saw modest gains over the weekend, with the CoinDesk 20 (CD20) index of the largest tokens by market cap rising 4.5%. As BTC and DOGE continue their bullish runs, other major tokens are expected to follow, especially if institutional inflows and trading volumes remain elevated.
Traders are closely monitoring the potential for further gains in Bitcoin, with an eye on the $100,000 mark in the short term, and the impact of Trump’s anticipated pro-Bitcoin policies.
Stay tuned for more updates on the crypto market as we track Bitcoin’s record-breaking rally and the next moves for major tokens like Dogecoin.