As of midday trading (IST), the world’s leading cryptocurrency was hovering around $103,914 after touching an intraday high of $105,039.
Global financial markets also reacted positively to reports that the U.S. may reduce tariffs on Chinese imports. Although no deal has been finalised, hopes of a rollback to earlier levels are raising expectations that a global recession might be avoided.
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“The market is still bullish, especially with a possible U.S.-China trade deal on the way,” said Vikram Subburaj, CEO of Giottus Crypto Platform. “If Bitcoin stays above $105,000, it could hit new highs soon.”Bitcoin’s market capitalisation rose to $2.067 trillion, with daily trading volume increasing 4% to $46.32 billion. The overall cryptocurrency market cap now stands at $3.46 trillion, though it slipped slightly by 2% in the past 24 hours.
Technical analysts say Bitcoin is gaining strong upward momentum. Piyush Walke, Analyst at Delta Exchange, pointed out that Bitcoin recently broke out of a bullish chart pattern. “If the breakout holds, Bitcoin could rise to $115,600,” he said, while noting that resistance could emerge near the $107,000 level.Also Read: Crypto market regains bullish momentum amid economic shifts and institutional inflows
Sathvik Vishwanath, CEO of Unocoin, added a note of caution. “Technical indicators show overbought conditions, which could lead to a short-term pullback. Key support lies at $100,000, and resistance is at $106,265.”
Meanwhile, altcoins showed mixed results. Ethereum fell slightly but stayed strong above $2,500. Dogecoin, Cardano, Sui, Chainlink, and Shiba Inu gained up to 3%. Pi coin jumped over 40%, becoming the top performer of the day.
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Market sentiment remains optimistic. According to CoinDCX, the Crypto Fear & Greed Index climbed to 73, indicating increased investor confidence. More than 110,000 Bitcoin were withdrawn from exchanges in the past month — a bullish signal, often interpreted as investors preparing to hold rather than sell.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)