Cryptocurrency markets surged, with Bitcoin nearing $120,000 and Ethereum leading altcoin gains, fueled by substantial ETF inflows. Ethereum’s impressive performance has sparked talks of an “Ethereum season,” potentially triggering broader altcoin rallies. Bitcoin is consolidating below resistance, while analysts eye macroeconomic factors and technical patterns for further upward momentum.
The cryptocurrency market traded higher on Monday, with 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.
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.”
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.
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)
