
Bitcoin Soars To Record High-Is ETH Set For A Breakthrough?
- Bitcoin surged to a new all-time high of over $125,700 last week, driven by strong ETF inflows, and resumed its rally on Monday. Major Wall Street banks project Bitcoin's price could reach between $133,000 and $200,000 by year-end, supported by ETF investment trends and gold correlations. While macroeconomic indicators like the S&P 500 and US Dollar Index show resilience, price actions suggest cautious optimism amidst ongoing resistance levels. Several top altcoins, including Ether , BNB , and Solana , display bullish signals, with potential breakouts above key resistance zones.
Bitcoin experienced a brief correction after hitting a record high of approximately $125,708 on Sunday but bulls swiftly regained momentum to push the price again to previously unseen levels on Monday. Notably, the rally has been bolstered by significant inflows into Bitcoin ETFs, which recorded $3.24 billion last week, nearly matching the all-time weekly record of $3.38 billion from late November 2024. This sustained buying activity indicates robust institutional interest, fueling optimism for further gains.
Market strategists at leading financial institutions remain bullish, with Citi projecting a mid-$130,000 range by year's end, while Standard Chartered analysts suggest Bitcoin could climb as high as $200,000. The positive outlook is supported by ongoing ETF flows and Bitcoin's growing correlation with gold as a store of value.
Meanwhile, traditional markets show signs of strength. The S&P 500 maintained its upward momentum, with a notable level of support near the 20-day exponential moving average (6,637). A dip below this could trigger a correction towards the 50-day simple moving average at 6,503, with a break below risking deeper declines. Conversely, if momentum persists above the moving averages, a rally toward the 7,000 mark remains plausible.
The US Dollar Index (DXY) continues to face resistance at the 99 level but remains above critical support zones around 97. A sustained move above 99 could trigger higher corrections towards 102, whereas a decline below 96.21 might signal a resumption of its downward trend.
Turning to cryptocurrencies, Ethereum broke above key resistance, hinting at a potential trend reversal toward $4,769 and possibly as high as $5,500 if bullish momentum prevails. Altcoins like Binance Coin and Solana display bullish setups, with expectations of tiered resistance levels and potential breakouts. Dogecoin , with its positive sentiment, remains above the 20-day EMA, eyeing further upward movements if it sustains momentum. Cardano shows promise, attempting to challenge resistance lines, while Hyperliquid faces resistance at key Fibonacci levels, with a decisive move either way likely to dictate its near-term trend.
Overall, the cryptocurrency space appears poised for further upward movement, but traders should remain vigilant amid resistance levels that could trigger short-term consolidations or dips.
Crypto Investing Risk WarningCrypto assets are highly volatile. Your capital is at risk. Don't invest unless you're prepared to lose all the money you invest.
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