Bitcoin (BTC) saw a slight retreat today, falling to approximately $106,870, a nearly 4% dip from its recent all-time high of $111,970. Despite the correction, analysts remain confident in the leading cryptocurrency’s bullish trajectory, pointing to $2.2 billion in spot ETF inflows over the past 10 sessions and sustained institutional demand as fundamental drivers.
The Fear & Greed Index currently sits at 73 (Greed), reflecting continued investor confidence even amid today’s price drop. Market observers view the decline as a natural correction following a strong rally that pushed BTC to new heights. As of writing, Bitcoin is hovering around $107,558, marking a 1.82% loss in the past 24 hours. Trading volume also dropped significantly, down 32%, according to CoinMarketCap.
While the dip may seem concerning at face value, sentiment on platforms like X (formerly Twitter) reveals a divided market narrative. Some point to relative strength in XRP, while the ETH/BTC ratio suggests altcoin momentum may be picking up. Bitcoin’s dip, however, hasn’t shaken its dominant role as a macro driver in the crypto space.
Altcoins Mirror Bitcoin’s Movement
Major altcoins mirrored Bitcoin’s decline. Ethereum (ETH) slipped roughly 3%, now trading at $2,498, with resistance forming around the $2,500 level. Despite the minor pullback, ETH’s bullish outlook remains intact post-Pectra upgrade, and its market cap stands strong at $302 billion.
XRP, priced at $2.29, demonstrated relative resilience. On-chain data shows whale accumulation, signaling potential for a breakout toward its $2.72 resistance. Meanwhile, Solana (SOL) fell slightly to $171, but still holds key support near $170, bolstered by ongoing growth in its DeFi ecosystem.
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Broader Market and Top Movers
The global crypto market cap currently sits at $3.37 trillion, slightly down from its weekly peak of $3.5 trillion. Top performers today include HYPE (+4%) and XMR (+2%), while BONK and JUP led the losers with -9% and -8% declines, respectively.
Despite short-term fluctuations, the long-term sentiment across the board remains bullish. With institutional interest surging, ETF inflows rising, and macro tailwinds aligning, Bitcoin and its altcoin peers may just be gearing up for another leg upward.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
