Bitcoin remained steady above the 105000 level on Monday as investors looked ahead to key US inflation data. The global cryptocurrency market has been watching for signals that could impact rates and economic direction, with Bitcoin showing signs of strength despite recent volatility.
At around 1130 am IST, Bitcoin was trading at approximately 105496, showing a minor dip of 0.1 percent. Ethereum also slipped 1.1 percent to 2485. The global crypto market cap dropped slightly by 0.13 percent to 3.29 trillion. Bitcoin’s intraday high touched 106497, with analysts identifying strong resistance near 106500 and support levels around 103000.
Experts noted that Bitcoin remains above both its 50 day and 200 day moving averages, signaling a firm underlying trend. Sathvik Vishwanath, CEO of Unocoin, explained that the recent correction from Bitcoin’s all time high of 111000 was mainly caused by global economic pressures such as rising bond yields and trade tensions. However, institutional demand and inflows through exchange traded funds have kept the market structure positive.
Vikram Subburaj, CEO of Giottus, pointed out that Bitcoin regained the 105000 mark over the weekend despite ETF outflows and a cautious investor mood. He added that the cryptocurrency is now in a consolidation phase and may test the 108000 level soon, although short term gains may be limited due to seasonal market trends.
Adding to market optimism, on chain data from CryptoQuant shows an increase in large investor holdings. Alankar Saxena, CTO of Mudrex, stated that whale investors now hold around 3.57 million Bitcoins, nearing record levels. This indicates that institutional and high net worth investors continue to buy during market dips, expecting future price increases.
Still, analysts warned that if Bitcoin fails to maintain its current position, support could shift toward 101600 before buyers step in again.
Altcoins showed mixed movement on the day. XRP led the gains with a 3 percent rise. Solana, Avalanche, and Internet Computer also moved higher by up to 6.4 percent. In contrast, BNB, Dogecoin, Sui, Shiba Inu, Tron, and Chainlink declined by up to 2 percent.
CoinSwitch Markets Desk commented that Bitcoin has bounced back from its recent dip to 101000 and is showing signs of strength. Ethereum continues to hover near the 2500 level.
In other developments, XRP has been added to the Nasdaq Crypto US Settlement Price Index, which is seen as another step toward broader institutional adoption. Separately, Cetus Protocol, a decentralized exchange on the Sui and Aptos networks, relaunched after a 223 million dollar exploit. The platform claims to have restored 99 percent of its liquidity.
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