Bitcoin $120K expectations add fuel to ETH, HYPE, UNI and SEI

Key Points

1. Bitcoin surged above $118,800, leading to $570 million in BTC short positions being liquidated.

2. US spot Bitcoin ETFs saw the second-largest daily inflows of $1.17 billion, indicating strong institutional interest.

3. Market analyst Axel Adler Jr. notes that Bitcoin's MVRV oscillator hitting 2.75 (around $130,900) historically signals distribution phases.

4. BTC completed a bullish inverse head-and-shoulders pattern, with key support at $110,530 and resistance levels ahead.

5. Altcoins like ETH, HYPE, UNI, and SEI showed strong upward momentum, with ETH targeting $3,400 and SEI aiming for $0.44 if key resistances are breached.