Bitcoin crosses $97,000 as institutional demand and trade hopes lift crypto market
Bitcoin
surged past $97,000 on Friday, marking its highest level in over two months, supported by renewed institutional interest and easing global trade tensions.
As of 12:23 PM IST, Bitcoin was up 1.9% at $96,704 after hitting a day's high of $97,437. Ethereum gained 1.3% to trade at $1,831. The global crypto
market cap
rose 1.5% to $3.01 trillion, with altcoins like Litecoin, Dogecoin, and Cardano also posting gains.
Institutional momentum drives Bitcoin rally
BlackRock's
Bitcoin ETF
has amassed $40 billion in assets within 211 days, while firms like MicroStrategy and Metaplanet continue to accumulate BTC. Meanwhile, Morgan Stanley and Charles Schwab are reportedly planning to offer crypto trading to clients.
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'The consistent
accumulation
by Bitcoin treasury companies is fuelling the rally,' said Shivam Thakral, CEO of BuyUcoin. 'Bitcoin has jumped nearly 28% from its April bottom and is poised to test the $100K mark.'
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CoinSwitch Markets Desk noted that BTC is trading above its 50-, 100-, and 200-day moving averages, indicating strong bullish momentum. 'The rally is clearly supported by institutional optimism,' the team said.
Also Read:
Is the memecoin mania affecting the credibility and future of crypto?
Analysts see key resistance near $100K
After consolidating for over a week, Bitcoin has broken out of its range.
'BTC has crossed $96,000 and is now testing $97,500,' said Piyush Walke of Delta Exchange. 'Key resistance lies at $100,000 and $107,000. A breakout above these could signal further bullish momentum.'
Ethereum is also showing strength above the $1,800 level. However, Walke cautioned that relatively low trading volume may limit upside unless it picks up.
Vikram Subburaj, CEO of Giottus, said around 56,000 BTC were withdrawn from exchanges over the past week—a sign of accumulation and reduced selling pressure. 'Sustained demand near the $95,500–$97,000 zone shows underlying strength.'
Also Read:
Bitcoin is digital equivalent of gold, showing signs of decoupling from Nasdaq: Jefferies' Chris Wood
Broader crypto market trends
The total market cap rose to $3.01 trillion, while Bitcoin's dominance climbed to 63.85%. Daily crypto trading volume increased 12.7% to $32.72 billion. Stablecoins continued to dominate trading activity, accounting for 93.5% of the volume.
Top altcoins posted moderate gains: Litecoin rose 5%, Dogecoin 3%, Cardano 3.2%, and Avalanche 2.4%. Ethereum and Solana held above their key support levels at $1,800 and $150, respectively.
'The market is building upward momentum, supported by macroeconomic optimism,' said Edul Patel, CEO of Mudrex. 'With the rising probability of a Fed rate cut and a critical US jobs report due today, crypto could see more volatility ahead.'
The Crypto Fear & Greed Index climbed to 67, reflecting growing investor confidence as Bitcoin edges closer to the $100,000 milestone.
(
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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