Bitcoin surged past $108,000, buoyed by easing geopolitical tensions and rising institutional interest, while altcoins traded mixed. Experts suggest a breakout above $108.5K could trigger a rally toward $112K-$115K, with the market eyeing Friday’s $20 billion options expiry for further cues.Bitcoin extended its upward momentum on Thursday, briefly climbing past the $108,000 mark amid easing geopolitical tensions and signs of renewed institutional interest.
As of 11:50 am IST, the world’s largest cryptocurrency was trading at $107,800, up 1.5%, after hitting an intraday high of $108,305.
Ethereum, the second-largest digital asset, also posted gains, rising 1.8% to $2,481. The overall crypto market capitalisation advanced by 1% to touch $3.3 trillion, according to CoinMarketCap data.
Among major altcoins, XRP, BNB, Chainlink, and Litecoin registered marginal gains of up to 1%. However, Solana, Tron, Dogecoin, Cardano, Hyperliquid, Sui, Avalanche, and Toncoin slipped by as much as 2.5%, reflecting cautious sentiment among retail traders.
“The crypto market is finding its footing with a cautiously optimistic undertone,” said Avinash Shekhar, Co-Founder & CEO, Pi42. “Bitcoin has climbed over 3% in the past seven days, showing firm support from market participants. A retest of the $110,000 level seems likely if current levels hold.”
Sathvik Vishwanath, Co-Founder & CEO of Unocoin, highlighted that Bitcoin appears primed for a breakout, with open interest elevated and funding rates near neutral. “Liquidation clusters between $106K and $110K suggest potential for stop-hunts. A decisive move above $108.5K could trigger momentum toward $112K-$115K,” he noted.
Vikram Subburaj, CEO of Giottus, added that the upcoming $20 billion options expiry on Friday could inject further volatility. “Order book data shows rising interest near $111,000. However, $104,000 remains the key level to watch on the downside,” he said.
Recent data points to growing institutional interest in crypto assets. BlackRock ETFs reportedly added 3,210 BTC and 22,550 ETH, while Japanese firm Metaplanet purchased 1,234 BTC worth $132.7 million, overtaking Tesla’s Bitcoin holdings. Meanwhile, GameStop raised another $450 million via zero-interest notes and plans to allocate some funds to Bitcoin as a reserve asset.
However, the regulatory environment remains complex. Barclays Bank has announced a ban on credit card crypto purchases effective 27 June, raising concerns about access restrictions for retail investors.
The CoinDCX research team observed that Bitcoin’s strength is bolstering broader market sentiment, with some altcoins like Pi, Kaspa, and Bitcoin Cash registering notable gains. “The overall market trend remains largely stable, setting the stage for the next bullish wave,” the team said.
On the flip side, recent high-fliers such as Sei, Fartcoin, Stacks, and Curve DAO Token saw sharp pullbacks of 8-10%, pointing to profit booking in select segments.
Ethereum continued to trade steadily above $2,470, with analysts noting growing optimism over a potential breakout toward the $2,800 level. “ETF flows for Ether have been strong, though futures data shows some caution among traders,” Shekhar of Pi42 added.
With no major macroeconomic triggers expected until fresh inflation data, analysts believe the crypto market will likely trade in a tight range in the near term, driven by technicals and liquidity dynamics.
“Stay alert for volatility expansion,” Vishwanath advised. “The market is coiled for a breakout.”
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
