Bitcoin hovers near $120,000; Ethereum jumps over 3% amid strong ETF inflows
Bitcoin
inching closer to the $120,000 mark and Ethereum leading gains among altcoins.
As of 12:15 pm IST, Bitcoin was up 1% at $119,493, while Ethereum surged 3.5% to $3,914, according to data from CoinMarketCap. The overall crypto market capitalisation rose 1.74% to $3.97 trillion.
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Ethereum continued to outperform Bitcoin, adding to its recent strong performance. 'ETH jumped another 3.5% today, touching $3,900 and adding to its 59% surge over the past month,' said Shivam Thakral, CEO of BuyUcoin. 'Big money is pouring into Ethereum, with
ETF inflows
topping $2.2 billion last week—actually outpacing Bitcoin's numbers.'
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1.27%
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TOP COINS
(₹)
BNB
73,887 (
7.22%
)
Buy
Ethereum
336,659 (
3.03%
)
Buy
XRP
284 (
2.54%
)
Buy
Bitcoin
10,293,277 (
0.68%
)
Buy
Tether
87 (
-0.01%
)
Buy
The bullish trend in Ethereum, backed by growing institutional interest, is prompting some market watchers to call this period an "Ethereum season" – a trend that has historically triggered rallies in other altcoins as well.
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Major altcoins also traded higher on Monday. BNB gained 6.7%, Avalanche 5%, Solana 3.3%, Dogecoin 2.6%, XRP 2.4%, Cardano 2%, and Chainlink 2.7%.
Despite its recent rally, Bitcoin remains just shy of breaking above the $120,000 resistance level. 'Bitcoin continues to hover just shy of the $120,000 mark, catching its breath after bouncing back from its latest pullback,' Thakral said. Key support levels are currently at $116,411 and $115,000, while the next major resistance stands around $138,000.
According to Piyush Walke, Derivatives Research Analyst at Delta Exchange, 'Bitcoin has traded between $118,000 and $120,000 over the past two days. Momentum indicators like MACD and ADX are still positive, but overbought signals from Stochastic and Williams %R hint at potential short-term consolidation.'
Sathvik Vishwanath, Co-Founder and CEO of Unocoin, noted that institutional inflows via ETFs remain a strong bullish driver. 'Bitcoin is consolidating just below $120K, forming a bullish cup-and-handle pattern,' he said. 'But strong overhead supply limits a breakout. If BTC manages to hold this range and volume picks up, a surge toward $130K is likely.'
The recent price movement has also been supported by macroeconomic developments. Harish Vatnani, Head of Trade at ZebPay, said Bitcoin's rally above $119,000 coincided with easing geopolitical tensions after the U.S. and China agreed to delay mutual trade tariffs.
'Bitcoin is now eyeing a daily close above its 10-day moving average, after rebounding from the $114,500 zone,' Vatnani added. He also pointed out that BTC recently made a new all-time high of $123,218 before pulling back to its current range between $120,500 and $115,500, where it's forming a potential bullish flag pattern. A breakout above $125,000 could lead to another leg up.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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