Bitcoin (BTC) is maintaining its position above the $120,000 threshold, underpinned by substantial institutional investment demand and continuous inflows into spot Bitcoin ETFs.
Corporate acquisitions remain a significant driver, with Michael Saylor’s recent addition of more than 4,225 BTC at an average price of $111,827 highlighting the trend. Alongside such purchases, spot Bitcoin ETFs have recorded unprecedented inflows, collectively surpassing the $1 billion milestone, further solidifying support.
Simultaneously, a shift in market structure is emerging as Bitcoin’s market dominance recedes below 65%. This decline in dominance signals increasing capital rotation towards alternative cryptocurrencies (altcoins).
Assets like XRP, Solana (SOL), and Cardano (ADA) are exhibiting strong bullish momentum, benefiting from the broadened market uptrend. Technical indicators suggest Bitcoin may enter a consolidation phase in the short term.
The token’s Relative Strength Index (RSI) indicating overbought conditions, though key support near the 20-day Exponential Moving Average, approximately at $111,843, looks poised to uphold the overall bullish structure. Long-term price targets extend towards $150,000.
Altcoins showcase promising technical setups. XRP exhibits potential to rally towards $3.40 upon resistance breakouts. Binance Coin (BNB) eyes a target around $761, and Solana aims for $185 if key resistance levels are overcome.
Overall market sentiment remains confidently bullish. This is fueled by persistent institutional accumulation, record ETF inflows, and positive technical breakouts across the board. Caution is advised, however, given overbought signals appearing in several assets.