4 days ago
Bitcoin steady at $107k amid institutional buying; Altcoins trade mixed
Bitcoin experienced a surge, briefly reaching $108,915, fueled by significant institutional investments from Strategy and Metaplanet. Ethereum also saw substantial whale accumulation, maintaining its position above $2,500. Market volatility persisted due to geopolitical tensions and ETF-related developments, with analysts closely monitoring key resistance and support levels for both Bitcoin and Ethereum.
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The cryptocurrency market traded mixed on Tuesday, with Bitcoin and Ethereum showing modest gains while several altcoins saw sharp divergence in price action amid continued institutional interest and broader macro 10:53 am IST, Bitcoin was trading 0.7% higher at $107,231 after briefly touching an intraday high of $108,915. Ethereum edged up 0.1% to $2,582. The total global cryptocurrency market capitalisation rose by 0.57% to $3.34 trillion, according to data from altcoins, XRP gained 3%, Tron 2%, Chainlink 1%, and Uniswap jumped 4.2%. On the downside, Solana dropped 2.5%, Dogecoin fell 1.8%, and Cardano declined 1.2%.BNB, Stellar, and Sui saw marginal movements, while Avalanche also slipped 1.3%.Bitcoin's momentum was boosted by recent large-scale institutional moves. Edul Patel, Co-founder and CEO of Mudrex, noted that 'Bitcoin briefly reclaimed the $108,000 level as strong institutional interest lifted market sentiment,' pointing to Strategy's $1.05 billion acquisition of 10,100 BTC and Metaplanet's reserves crossing 10,000 BTC as key also saw notable accumulation activity. 'Whale accumulation in ETH jumped by over 818,000 coins, marking the highest daily inflow in over six years,' Patel added, helping keep the asset above $2, market also reacted to geopolitical developments and fresh ETF-related news. The CoinSwitch Markets Desk highlighted that Bitcoin dipped overnight to $106,400 amid rising tensions in the Middle East, but quickly recovered after Trump Media & Technology Group filed with the U.S. SEC for a dual BTC and ETH ETF.'ETH futures open interest hit a yearly high of $36.56 billion, with the token testing a long-standing resistance zone,' CoinSwitch added. Meanwhile, Tron made headlines after announcing plans to go public in the U.S. via a reverse merger with Nasdaq-listed SRM Sehgal, Research Analyst at Delta Exchange, said Bitcoin is 'consolidating between $106K–$108K with lower highs and declining volume,' suggesting short-term seller dominance. She noted that a move below $106K could push prices towards $104K and $101.5K, while a breakout above $108K could retest the $110K Ethereum, she noted the asset 'remains under pressure' after failing to break the $2,620–$2,640 zone. 'If $2,560 breaks, the next supports are $2,500 and $2,440,' she added. ETF flows on June 16 remained strong, with BTC ETFs seeing $408.6 million in net inflows and ETH ETFs drawing $21.4 Vishwanath, Co-founder and CEO of Unocoin, said Bitcoin is 'holding steady around $107,000' despite global uncertainty. 'The $108K–$110K range is now a crucial resistance zone, while support is firm near $104K. A breakout above $110K could trigger a rally towards $115K.'He added that the Relative Strength Index (RSI) remains in healthy territory, indicating room for further upside, though the market continues to remain sensitive to macro events.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
