Bitcoin Price Smashes $120k As Fold CEO Backs BTC Dominance, Calls Altcoins Speculative

The Bitcoin price has surged 2% in the last 24 hours, to trade at $120,305.84, on a 33% pump in the trading volume, to $60.9 billion.

Bitcoin Price Jumps As Fold CEO Backs BTC Dominance

Bitcoin’s price surge follows bold remarks from Fold CEO Will Reeves, who reinforced Bitcoin’s dominance and cautioned that altcoins are still highly speculative. Speaking on social media and in interviews, Reeves said Bitcoin’s strength is growing, driven by strong institutional demand and its fixed supply.

Reeves points to new classes of capital, like Bitcoin ETFs and corporate treasuries, pouring into BTC, pushing its dominance to 64.58%. Reeves believes that while altcoins continue to compete for attention, they lack Bitcoin’s track record and credibility.

While Bitcoin continues to climb, many altcoins are falling behind. Fold CEO has warned that their speculative nature makes them much riskier. The spotlight remains on Bitcoin, widely viewed as the most reliable cryptocurrency. Major investors are treating it as a haven, seeing it as a more stable and trustworthy long-term investment.

Bitcoin Price Continues Its Bullish Rally As The Market Eyes New Highs

BTCUSD trading pair is currently trading well above its 50 and 200-day Simple Moving Averages (SMAs), which now act as support levels at $107,631 and $97,123, respectively.

Relative Strength Index (RSI) now at 77.39, which means Bitcoin is in overbought territory. This high RSI suggests that buying pressure has been firm, but it could also mean the price is at risk of a short-term pullback as the market may be overheating.

The Average Directional Index (ADX), at 22.74, confirms a weak trend and the possibility of short-term consolidation.

BTCUSDT Analysis Source: Tradingview

BTC’s recent price action fits a familiar pattern for crypto traders. After breaking past a major resistance level at $116,000, Bitcoin has consolidated above $118,000, signalling that the market is in a post-breakout phase. 

This “breakout-retest” cycle has been a key driver in Bitcoin’s current bull run, especially since the halving event in April 2024. If bulls remain in control, Bitcoin could target new all-time highs above $120,000. However, with the RSI this high, there is also a greater chance of a correction or a pause in the rally if sellers step in.

The next few weeks will be crucial for Bitcoin, with regulatory decisions in the U.S. and further institutional inflows expected. All eyes are on whether BTC can maintain its momentum and extend its dominance, or if volatility will return to the crypto markets.