Crypto Markets Today: BTC price rise meets resistance as memecoin trading volume explodes
Bitcoin tested resistance near $94,800 while altcoins like SUI and XRP rallied, and memecoin volume hit record highs.Summary
Bitcoin briefly reached its highest level since mid-November, peaking near $94,800 before retreating, with traders divided on whether this level represents resistance or a breakout point toward $98,900. Altcoins showed strength, notably SUI gaining over 15% amid speculation about privacy features, and XRP continuing a strong start to the year. A significant trend is the explosion in retail interest in memecoins, evidenced by Pump.fun volumes hitting a record $1.27 billion, though overbought RSI readings suggest potential short-term profit-taking risks across the sector. Derivatives data showed that over $400 million in crypto futures bets, mostly shorts, were liquidated, while open interest in XRP surged, indicating capital inflows.
(Source：CoinDesk)