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Business Standard
4 days ago
- Business
- Business Standard
Bitcoin consolidates near $108,800 levels as traders await breakout signals
Bitcoin price today, Tuesday, May 27, 2025: The crypto markets have been exhibiting a blend of optimism and caution. The flagship currency, Bitcoin (BTC), briefly reclaimed the $110,000 mark before seeing some profit-taking at higher levels; however, it has failed to hold and slipped below the $109,000 level. Market analysts suggest that the current consolidation of Bitcoin is short-term as investors are awaiting decisive breakout or breakdown signals. Bitcoin was quoted trading at around $109,108.40, down 0.50 per cent at 11:42 AM on Tuesday, May 27, with a 24-hour trading volume of $49.26 billion. Bitcoin's market capitalisation stood at $2.16 trillion, the highest among all cryptocurrencies. The world's most popular cryptocurrency has traded in the range of $109,108.40 - $110,376.88 in the last 24 hours, according to data from CoinMarketCap. Bitcoin's price, Riya Sehgal, research analyst, Delta Exchange, said, is holding near $108,800 after reaching highs above $111,900, exhibiting a clear uptrend with higher highs and higher lows on the daily chart. Short-term consolidation around the $110,000 resistance and $104,000–$105,000 support, Sehgal believes, suggests market participants are awaiting decisive breakout or breakdown signals. "A sustained move above $111,900 could fuel further upside momentum. Institutional demand remains strong, with $2.75 billion inflows into Bitcoin ETFs last week, led by BlackRock's iShares Bitcoin Trust. Ethereum ETF inflows also continue, reflecting growing confidence and adoption," said Sehgal. Analysts believe that the market sentiment has improved as Donald Trump delayed the proposed 50 per cent tariffs on EU imports. Moreover, whales and market makers remain confident as Bitcoin options trade at negative 6 per cent, which, Alankar Saxena, Co-founder and CTO of Mudrex, said, is a typical characteristic of bullish markets. Meanwhile, the M2 money supply, which reflects the total liquidity, recently hit a new all-time high. Historically, BTC has closely mirrored this trend with a slight delay, indicating further upside going forward. Ethereum and other altcoins Meanwhile, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, traded between $2,450 and $2,750, with resistance at $2,600 and support near $2,500, yet no clear breakout has emerged. At last check, Ethereum was trading at around $2,605.64, up 1.32 per cent, with a trading volume of $13.56 billion. Ethereum has traded in the range of $2,512.59 - $2,598.57 in the last 24 hours. Among other popular cryptocurrencies, Binance Coin (BNB) was trading higher by 0.58 per cent, while Solana (SOL) was trading lower by 1.96 per cent, and Ripple (XRP) by 1.68 per cent. Meanwhile, the US dollar-linked stablecoin Tether was trading at $1, down 0.01 per cent. Top trending cryptocurrencies today Overall, the analysts believe that the market is in a holding pattern, balancing consolidation with steady institutional interest.
Business Standard
21-05-2025
- Business
- Business Standard
Bitcoin breaks past $107k resistance: Is a new all-time high on horizon?
Crypto markets were buzzing in trade on Wednesday, May 21, 2025, with flagship currency Bitcoin (BTC) holding above the $107,500 levels. Market analysts believe this breakout above $107,500 levels could potentially open the door toward $110,000 and new all-time highs. The bellwether currency was quoted trading at around $107,575.86, up by 1.32 per cent at 10:46 AM on Wednesday, May 21. The world's most popular cryptocurrency had a 24-hour trading volume of $50.84 billion. Bitcoin's market capitalisation stood at $2.13 trillion, the highest among all cryptocurrencies. The last 24-hour trading range for Bitcoin was between $104,206.52 and $107,664.50, according to data from CoinMarketCap. Bitcoin eyes $110,000 Riya Sehgal, research analyst at Delta Exchange, believes that Bitcoin has built a strong base above the $106,000 mark, indicating solid buyer interest at lower levels. This breakout above $107,500, Sehgal believes, could potentially open the door toward $110,000 and new all-time highs. For Bitcoin, Vikram Subburaj, CEO of Giottus Crypto Platform, believes that liquidity grabs can dictate its short-term price action—a short squeeze at $109,000 followed by a long liquidity grab at $101,000. "Spot ETF inflows have dipped yesterday in a sign that a correction is in order. However, any move down is likely to be a final correction before the asset breaks through its January high," said Subburaj. Notably, Bitcoin is currently 1.42 per cent lower from its all-time high of $109,114.88, scaled on January 20 of this year. Ethereum holds above $2,500 Ethereum, on the other hand, has been showing stronger relative strength, gaining nearly 60 per cent over the last month and outperforming Bitcoin. It is trading around the $2,500 mark, a key psychological resistance. Last seen, it was quoted trading at $2,577.99, up 0.38 per cent, with a trading volume of $21.94 billion. It has fluctuated in the range of $2,446.45 - $2,576.29 in the last 24 hours. Ethereum's market cap stood at $312.01 billion, making it the second-largest cryptocurrency by market capitalisation. "For Ethereum, while structural indicators like the Golden Cross and ascending trendlines suggest a bullish setup, on-chain data points to short-term overheating. Elevated trading volumes and profit-taking around $2,500 could trigger a minor pullback or consolidation," said Sehgal. Among other popular altcoins, Cardano (ADA) was trading higher by 2 per cent, followed by Binance Coin (BNB) at 1.63 per cent, and Solana (SOL) traded higher by 0.56 per cent. Meanwhile, Ripple (XRP) was trading lower by 3.5 per cent, down 0.11 per cent. In the near term, analysts expect volatility to remain elevated, with ETH needing to hold above $2,200 and BTC above $105,000 to sustain bullish momentum. Broader market sentiment remains cautiously optimistic as we await further confirmation of trend continuation.
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Business Standard
20-05-2025
- Business
- Business Standard
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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Business Standard
15-05-2025
- Business
- Business Standard
Crypto markets rangebound as Bitcoin retreats below $104k; US PPI data eyed
Bitcoin price today, Thursday, May 15, 2025: Cryptocurrency markets remained largely rangebound on Thursday as investors awaited the release of the US Producer Price Index (PPI) data, a key indicator that could influence near-term US Federal Reserve policy, analysts said. The flagship cryptocurrency Bitcoin (BTC) recently tested the $105,700 level but has since retraced, now trading near $102,900 and encountering resistance around key technical zones. As of 10:44 AM on Thursday, May 15, Bitcoin was trading at $102,868.46, down 0.89 per cent, according to CoinMarketCap. Over the past 24 hours, BTC fluctuated within a range of $102,618.30 to $104,303.57, with a trading volume of $45.25 billion. Its market capitalisation stood at $2.04 trillion, the highest among all cryptocurrencies. The crypto market is currently in a consolidation phase, underpinned by a broader bullish sentiment, said Riya Sehgal, research analyst at Delta Exchange. Sehgal believes that while short-term indicators reflect some bearish pressure for Bitcoin, the overall market structure remains strong. 'Since the beginning of May, over $2.2 billion in capital inflows have entered the market—a sign of continued investor confidence and growing institutional participation,' said Sehgal. Vikram Subburaj, CEO of Giottus Crypto Platform, noted that Bitcoin is currently in a "middle zone." A rally beyond $106,000 could signal continued bullish momentum, while a drop below $100,000 might invalidate the current bullish structure. 'We emphasise the importance of the US PPI release later today, which could shape near-term Fed policy. A soft PPI reading will heighten expectations of an interest rate cut, boosting risk-on assets like crypto. Traders are advised against using leverage heading into the data release,' Subburaj said. Alankar Saxena, Co-founder and CTO of Mudrex, remains optimistic about Bitcoin's outlook. 'Bitcoin is trading range-bound between $102,500 and $104,000 as investors wait for a fresh catalyst. While institutional investors continue accumulating, retail interest is also rising, with Google searches for 'Bitcoin' hitting a six-month high,' Saxena noted. Altcoins reflect similar trends Altcoins mirrored Bitcoin's performance on Thursday. Ethereum (ETH), the second-largest cryptocurrency by market cap, fell below the $2,600 mark after briefly surpassing it. It was trading 3.23 per cent lower at $2,585.08, within a 24-hour range of $2,549.68 to $2,685.01. On-chain data showed that $1.2 billion worth of ETH has been withdrawn from centralized exchanges over the past week. Additionally, ETH's recent rally has pushed 60 percent of holding addresses into profit. Market analysts are eyeing a potential move toward the $3,000–$3,100 resistance zone. 'With sell-side pressure decreasing, ETH is set to experience further rallies in the near term. If bulls maintain control, the $3,000–$3,100 region may be tested as the next major resistance,' Saxena added. Among other altcoins, Cardano (ADA) was down 4.18 per cent, Solana (SOL) declined 4.08 per cent, Ripple (XRP) fell 2.18 per cent, and Binance Coin (BNB) dropped 1.7 per cent.
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Business Standard
13-05-2025
- Business
- Business Standard
Bitcoin pulls back as traders brace for US CPI data; macro trends in focus
The bellwether cryptocurrency Bitcoin (BTC) recently touched $105,700 before retreating by 3 per cent, indicating potential profit-taking near the $106,000 resistance level, a zone where long-term holders may be looking to exit. The pullback in the flagship currency coincided with broader macroeconomic shifts, including a strengthening US dollar index and renewed optimism around the US–China trade deal, which boosted equities and encouraged profit booking in crypto. The $100K mark, analysts said, remains a critical psychological and liquidation level, with over $3.4 billion in long positions exposed to downside risk if selling pressure continues. As of 10:44 AM on Tuesday, May 13, Bitcoin was trading at $102,662.30, down 1.19 per cent on CoinMarketCap. Over the past 24 hours, it fluctuated between $100,814.40 and $105,747.45, with a trading volume of $64.27 billion. Its market capitalisation stood at $2.16 trillion, maintaining its lead as the most valuable cryptocurrency. Vikram Subburaj, CEO of Giottus Crypto Platform, sees the dip as a healthy correction. "Bitcoin has dipped, likely due to a liquidity grab of long positions in the ecosystem. It retested key levels and is now trading just below $102,000. This is a healthy retracement and could enable BTC to retest $105,000 with conviction later this week," Subburaj said. Traders eye US CPI data Today's US CPI data, Riya Sehgal, research analyst at Delta Exchange, said, will be a critical catalyst. "A softer print could reignite bullish momentum on hopes of interest rate cuts, while a higher-than-expected number might strengthen the dollar and weigh on crypto prices," Sehgal explained. That said, institutional demand continues to remain strong. In 2025 alone, corporations have acquired over 157,000 BTC, led by MicroStrategy-style accumulation strategies. Corporate buying now exceeds miner supply, contributing to a supply shortage reminiscent of deflationary conditions that could push prices higher over time. ETFs are also reinforcing Bitcoin's dominance, with $934 million in net inflows over the past month, driven by major players like BlackRock and Fidelity. "This stands in contrast to Ethereum, which has seen notable outflows—underscoring the market's preference for Bitcoin as a macro-hedge and long-term asset. The broader market reflects a maturing phase, where institutional behaviour and macroeconomic data drive momentum more than retail speculation," Sehgal added. Altcoins mixed; Ripple outperforms Altcoins reflected mixed sentiment. Ethereum (ETH), the second-largest cryptocurrency by market cap, slipped below the $2,600 mark after briefly crossing it. It was trading 1.90 per cent lower at $2,453.30, within a 24-hour range of $2,411.59 to $2,620.90. Ripple (XRP) defied the broader trend, rising 4 per cent and leading altcoin gains. Meanwhile, Cardano (ADA) declined by 3 per cent, Solana (SOL) was down 2.8 per cent, and Binance Coin (BNB) dropped 1 per cent. Analysts believe that once Bitcoin stabilises or rebounds, select altcoins could outperform in the short term.
