Bitcoin and Altcoin Market Update: Price Trends and Institutional Interest

Bitcoin has fallen below $92,500, influenced by significant institutional inflows and a general downturn in altcoins like XRP and Dogecoin. Despite this, analysts indicate potential for a bullish trend, with consolidation expected between key resistance and support levels. Market capitalisation for cryptocurrencies has declined, reflecting the current market dynamics with stablecoins maintaining a significant volume share.

Today, Bitcoin dipped below $92,500 while major altcoins like XRP and Dogecoin experienced losses up to 4%. This decline coincides with institutional interest that has significantly intensified, including net inflows exceeding $700 million into Bitcoin spot ETFs, with weekly totals surpassing $1 billion, as noted by analyst Patel.

According to Sathvik Vishwanath, CEO of Unocoin, Bitcoin’s price is stabilising around $92,400, offering a psychological support level. The presence of institutional inflows and decreased exchange reserves suggests accumulation, alongside a technical bullish golden cross signal. However, he warns that momentum is decreasing as traders focus on overcoming the $95,000 resistance level, with further consolidation anticipated in the interim.

In terms of altcoin performances, XRP fell by 3.7%, Solana by 2.2%, and Dogecoin by 4.3%, while other cryptocurrencies such as Cardano and Chainlink each dropped approximately 2%. Conversely, Sui emerged as a standout performer with a 5% gain as its network benefitted from escalating meme coin trading, highlighted by CEO Vikram Subburaj.

Bitcoin’s overall market capitalisation decreased to $1.835 trillion, leading its dominance to a reduced 63.43%. The trading volume for Bitcoin also fell 35% to $37.56 billion, with stablecoins making up 93.57% of total crypto trading activity, amounting to $98.58 billion and resulting in a total cryptocurrency market cap decline of 1% to $2.9 trillion.

From a technical perspective, ZebPay noted that Bitcoin previously reached an all-time high of $109,588 but corrected downwards by approximately 32%, hitting a low near $74,508. Following this trend, it formed a ‘Long-Legged Spinning Top’ candle at the significant support of $73,500. After a rebound to $86,000, Bitcoin traded within a range but ultimately broke through with notable volumes, climbing to a peak of $94,696. Current resistance can be found at $100,000 and $110,000, whereas support levels stand at $90,000 and $73,500.

(Disclaimer: Expert recommendations and opinions are personal and do not represent the views of the Economic Times.)