At 11:32 am IST, Bitcoin was trading 3.4% higher at $109,241 after touching an intraday high of $110,561, according to CoinMarketCap. Ethereum surged 7.3% to $2,664. The global crypto market capitalisation rose 3.8% to $3.4 trillion.
Altcoins also mirrored the bullish sentiment. XRP gained 2.3%, BNB 2%, Solana 5.2%, Dogecoin 5.5%, Cardano 5.7%, Hyperliquid 11%, Sui 5.6%, and Shiba Inu 4%.
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“Bitcoin breached the $110,000 mark on Tuesday ahead of US inflation data due Wednesday,” said Shivam Thakral, CEO of BuyUcoin. “Traders are avoiding big bets for now as the data release comes alongside the US-China trade talks in London. Any easing of tensions could lift sentiment across global financial markets. However, macroeconomic headwinds may keep the market volatile in the near term.”Edul Patel, Co-founder and CEO of Mudrex, noted that the ongoing rally has been driven by a combination of factors. “Bitcoin jumped nearly 4% amid easing geopolitical tensions. Resumed US-China trade talks lifted investor mood, helping Ethereum, Solana and other altcoins post up to 7% gains in a day,” he said.
Patel also pointed to institutional interest as a major driver: “About $38 million in short positions were liquidated, and Strategy acquired 1,045 Bitcoin worth $110 million, further fueling upside momentum. If this continues, Bitcoin could attempt a new all-time high, with support seen around $105,600.”Also Read: Civil War has begun! Rich Dad Poor Dad author Robert Kiyosaki warns of global chaos, backs Bitcoin as the only safe havenFrom a technical standpoint, Bitcoin appears well-positioned for further gains.
“Bitcoin formed an inverted Head and Shoulders pattern on the hourly chart, a classic bullish signal,” said Piyush Walke, Derivatives Research Analyst at Delta Exchange. “A breakout above the neckline at $105,500 triggered this rally, and based on the pattern, Bitcoin could target levels around $111,000. BTC is also trading above its anchored VWAPs, which reinforces bullish momentum.”
Walke added that Ethereum has followed a similar trajectory. “Ethereum may face resistance near $2,720, but $2,560 is a key support level. Inflows into spot ETFs continue to show institutional interest, with $386.2 million into Bitcoin ETFs and $53 million into Ethereum ETFs.”
According to Vikram Subburaj, CEO of Giottus Crypto Platform, “Bitcoin’s 4% rally and break above $110,000 follows a strong rebound from last week’s dip near $100,000, which saw over $1.9 billion in crypto liquidations. The asset has now flipped $107,600 into support and must hold above this level to push further.”
Subburaj added that while buyer support is solid, the broader market remains tethered to upcoming macroeconomic triggers, particularly the US CPI data. “Spot trading volume remains low, suggesting retail participation is still muted. However, Ethereum looks set to outperform in the near term, and coins like Hyperliquid, Solana, Cardano, and Sui have also posted robust gains.”
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
