The cryptocurrency market is surging, with Bitcoin holding defensively around the $115,000 mark and the broader altcoin market posting sharp gains, signaling the arrival of an “altseason.”

This collective rally occurs after a period of consolidation following a strong market performance earlier in the year.

Key Points

• Bitcoin faces selling pressure near $120,000 but is holding above the $115,000 critical support level.
• Select major altcoins surge higher, reinforcing the hypothesis of an altcoin-led market cycle.
• Exchange inflows for Bitcoin ETFs show cooling despite record inflows, while Ether continues drawing substantial investment.
• Several altcoins extend into new territory: XRP breaks $3.40, Solana clears $185 and approaches $200, ADA targets $1, ADA +8.8%, BNB challenges $760.
• Technical indicators point to both sustained near-term gains and potential pauses for profit-taking before continuing the uptrend.

Bitcoin (BTC): Facing $120K Threshold, Support Holds

Bitcoin continues to face selling pressure around the $120,000 threshold but maintains a firm footing above the $115,000 level, providing validation for buyers.

Recent inflows into Bitcoin ETFs slowed on Monday, registering a net outflow of $131.35 million according to SoSoValue data, after 12 consecutive days of substantial inflows around $6.6 billion. This pause in ETF activity suggests that traders view the continuation of the upward trend as more likely than imminent large-scale profit-taking.

Technical analysis on the daily BTC/USDT chart shows the price rebounding successfully off the rising 20-day Exponential Moving Average ($115,289). The relative strength index (RSI) remains elevated but within neutral/positive territory, pointing to an overall bullish configuration.

Altcoin Season Began: Broader Market Strength

The term “altseason” appears apt as the performance divergence from Bitcoin is accelerating, with selected altcoins recording substantial gains while BTC digests recent gains.

Market Context:

Altcoins like XRP (above $3.40), Solana (approaching $200), Doge (break above $0.26) and Cardano (above $0.86) are extending gains across various price points.

The Big Players: Ethereum Continues Record Inflows

While the spotlight often falls on Bitcoin, Ethereum continues to demonstrate remarkable institutional interest. CoinShares data revealed record inflows into Ether exchange-traded products, exceeding $2.12 billion on Monday – roughly doubling its previous record high.

Cross-Asset Context: SPY Near 6,228, Dollar Index Pauses at 98.56

XRP (XRP): Breakout Sustained Near $3.40

XRP continues to make waves following its breakout above the $3.40 resistance level. Bulls are attempting to consolidate above the $3.40 pivot point.

If successfully established, the next resistance target seen on technicals could reach the $3.66 area.

Solana (SOL): Breaking Out Above $185 Resistance

Solana’s rally continues as it breaks above the significant $185 resistance, now testing the higher $209 level.

Rising RSI suggests a possible pause near current levels, contingent on sustained buying above the $185 support.

Disclaimer

This analysis presents technical viewpoints on the current market structure. The information provided does not constitute financial advice or investment recommendations. Trading and investing in cryptocurrencies involve significant risk.

Always conduct comprehensive due diligence and consider seeking independent financial advice before making any investment decisions.