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Bitcoin consolidates near $104k, eyes $115k; ETH slips below $2,500
Flagship cryptocurrency Bitcoin (BTC), after reclaiming the $100,000 level for the first time since February 2025, continues to hold above it. Bitcoin hit the six-figure milestone on Thursday, May 8, but has since been consolidating around the $104,000 level.
Bitcoin was trading at $103,893.53, up marginally by 0.03 per cent at 11:26 AM on CoinMarketCap. The cryptocurrency has fluctuated between $103,364.74 and $105,039.36 over the past 24 hours, with a trading volume of $46.73 billion. Bitcoin's market capitalisation stood at $2.06 trillion, the highest among all cryptocurrencies. Notably, Bitcoin is 4.73 per cent lower than its all-time high of $109,114.88, reached nearly four months ago on January 20, 2025.
Bitcoin eyes fresh highs
The current consolidation in Bitcoin, Piyush Walke, derivatives research analyst at Delta Exchange, said, marks a breakout from Bitcoin's recent consolidation zone, which had formed a bullish flag-and-pole pattern. If the breakout holds, Walke suggests that the technical projection could indicate a potential move toward the $115,600 level, surpassing the previous all-time high.
Echoing similar views, Vikram Subburaj, CEO of Giottus Crypto Platform, believes that Bitcoin could scale a new all-time high. "This is a decisive week for crypto as Bitcoin consolidates above $103,000. A strong bullish bias driven by a new US-China deal could be the fuel for another sustained run in the markets. If Bitcoin breaks above $105,000, it could rally toward a new high," Subburaj said.
Walke, on the other hand, noted, "If Bitcoin maintains its upward momentum, the $115,600 target levels could be reached in the near term. However, it may encounter resistance near the $107,000 level, which also aligns with a technical supply zone. Meanwhile, Bitcoin reaching the position of the world's fifth-largest asset by market capitalisation marks a significant milestone, reflecting growing investor confidence in the broader crypto asset class."
Altcoins trade lower
Meanwhile, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, slipped below the $2,500 mark after briefly scaling above it. It was trading lower by 2.36 per cent at $2,496.88. It has traded in the range of $2,441.73 - $2,557.42 in the last 24 hours. Ethereum is nearly 48 per cent lower from its all-time high of $4,891.70, reached on November 16, 2021.
Among other popular altcoins, Cardano (ADA) was trading lower by 0.28 per cent, Solana (SOL) up 1.01 per cent, Ripple (XRP) 0.81 per cent, and Binance Coin (BNB) 1.55 per cent.
Bitcoin (BTC), Moo Deng (moodengsol.com), Pi (PI), Peanut the Squirrel (PNUT), and Goatseus Maximus (GOAT) were among the top most trending cryptocurrencies on CoinMarketCap.
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