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Bitcoin eyes $110,000 as institutional interest fuels bullish momentum
The bellwether cryptocurrency, Bitcoin (BTC), is on track to reach a new all-time high, driven by healthier market dynamics rather than speculative excess, said analysts. However, Bitcoin faces strong resistance around the $107,000 mark before it can surpass its previous all-time high of $109,114.88.
As of 11:04 AM on Tuesday, May 20, Bitcoin was trading at $106,273.30, higher by 3.18 per cent on CoinMarketCap. Over the past 24 hours, Bitcoin fluctuated between $102,112.69 and $106,814.18, with a trading volume of $57.81 billion. Bitcoin's market capitalisation stood at $2.11 trillion, maintaining its lead as the most valuable cryptocurrency.
Bitcoin eyes fresh high
Bitcoin's recent resurgence past the $106,000 mark, Riya Sehgal, research analyst, Delta Exchange, said, highlights a robust upward momentum reinforced by solid technical fundamentals. "The break above key support levels and targeting of the resistance zone near $107,500, suggest a strong potential for a new all-time high, driven by healthier market dynamics rather than speculative excess. Institutional interest remains a key catalyst, as evidenced by JPMorgan's recent announcement to offer Bitcoin access via spot ETFs, a significant endorsement from a major traditional finance player following Morgan Stanley's similar moves," said Sehgal.
Bitcoin ETFs have now seen five consecutive weeks of inflows totaling over $600 million, led by BlackRock's IBIT, despite some outflows from some funds.
Meanwhile, Vikram Subburaj, CEO, Giottus Crypto Platform, believes that Bitcoin is showing early signs of a breakout from its channel with a move towards $106,800.
"Bitcoin faces strong resistance at $107,000 and must remain above $105,000 to break through this level. Spot ETF inflows continue to boost the asset with $360 million recorded yesterday. If this move sustains, a new high ($110,000) is likely this month where open interest among derivatives is concentrated," said Subburaj.
Altcoins see solid gains
Meanwhile, Ethereum (ETH), the second-largest cryptocurrency by market cap, is also exhibiting bullish momentum, rebounding from $2,300 support and surpassing $2,500 resistance. Last seen, Ethereum was trading 8 per cent higher at $2,566.46, with a trading volume of $26.7 billion.
Ethereum has fluctuated in the range of $2,354.05–$2,585.62 in the last 24 hours. Analysts believe that sentiment for Ethereum remains bullish, and it may now be eyeing the $2,650 to $2,840 range.
Among other altcoins, Solana (SOL) was trading higher by 3.89 per cent, followed by Cardano (ADA) at 3.15 per cent. Binance Coin (BNB) was trading higher by 2.18 per cent, and Ripple (XRP) traded higher by 1.8 per cent.
Meanwhile, US Dollar-linked stablecoin Tether (USDT) traded at $1, up 0.03 per cent.
Overall, current developments in the crypto markets, analysts said, signal a maturing crypto market with increased institutional participation and technical strength, setting the stage for continued upward trends in both Bitcoin and Ethereum.
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