The cryptocurrency market is experiencing a broad-based rally on Thursday, driven by improving investor sentiment and strong institutional participation. Bitcoin (BTC) has reclaimed a key technical resistance, pushing above $109,000, while Ethereum (ETH) and XRP are showing renewed bullish momentum. This upward movement reflects growing confidence in digital assets amid favorable market dynamics and sustained capital inflows.
Market Overview: Stable Institutional Demand Fuels Recovery
Bitcoin’s latest surge past $109,000 follows a robust recovery from its June dip to $98,241, which was triggered by geopolitical tensions between Israel and Iran. The rebound has been underpinned by consistent institutional buying and reduced selling pressure from large holders—commonly referred to as "whales."
According to on-chain data from CryptoQuant, whale activity has stabilized since April, with major investors maintaining a risk-on posture despite earlier volatility caused by global macroeconomic shifts. This sustained accumulation suggests long-term confidence in Bitcoin’s value proposition.
👉 Discover how institutional investors are shaping today’s crypto trends.
A report from Glassnode highlights that unrealized profits across the Bitcoin network have reached an impressive $1.2 trillion. This indicates significant value creation among existing holders. However, this also presents a potential risk—if market sentiment shifts suddenly, these paper gains could trigger widespread profit-taking and increase downward pressure.
Key Data Insight: Spot Bitcoin ETFs See Strong Inflows
Spot Bitcoin ETFs in the United States recorded approximately $408 million in net inflows on Wednesday, with all 12 approved funds seeing positive flows—no fund reported net outflows. Fidelity’s FBTC led the pack with around $184 million in daily inflows, according to SoSoValue data.
The total net asset value (NAV) of spot Bitcoin ETFs is nearing $137 billion, with cumulative historical net inflows reaching about $49 billion. These figures underscore growing mainstream adoption and trust in regulated crypto investment vehicles.
This sustained institutional interest is not just a short-term phenomenon—it reflects a structural shift in how traditional finance views digital assets. As more pension funds, endowments, and asset managers allocate capital to Bitcoin via ETFs, the asset class gains further legitimacy and liquidity.
Bitcoin Technical Outlook: Breaking Resistance Toward All-Time Highs
Bitcoin has broken through a critical descending trendline resistance on the daily chart, reinforcing bullish momentum. With price now above $109,000, the next psychological target lies at $110,000.
The Relative Strength Index (RSI) is trending upward, having recovered from a low of 38 on June 22 to surpass 60—indicating strong bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) has generated a buy signal, confirmed by the blue MACD line crossing above the red signal line. With the MACD histogram expanding in positive territory, the path of least resistance remains upward.
However, traders should remain cautious near $110,530—a resistance zone that capped gains in June. A decisive breakout above this level could pave the way for a new all-time high.
👉 Track real-time price movements and technical signals across major cryptocurrencies.
Altcoin Update: Ethereum and XRP Show Strong Momentum
Ethereum (ETH): Holding Key Support Levels
Ethereum is trading around $2,601 and continues to hold above critical moving averages: the 100-day EMA ($2,388), 50-day EMA ($2,440), and 200-day EMA ($2,470). This technical positioning reinforces a bullish structure.
The RSI has climbed to 57 from a recent low near 37, reflecting strengthening buying pressure. A daily close above $2,600—the former resistance now acting as support—would confirm further upside potential. The MACD has also issued a buy signal, adding to the positive outlook.
Key resistance levels to watch are at $2,735 and $2,882—levels previously tested in May and June. A breakout beyond these could accelerate upward momentum.
XRP: Bulls Regain Control Above Key EMAs
XRP is showing renewed strength after rebounding from support at $1.90 on June 22. Price has moved above both the 50-day EMA ($2.21) and 100-day EMA ($2.22), signaling a shift in momentum.
The RSI is rising above the midpoint, confirming bullish momentum, while the MACD has generated a buy signal—encouraging traders to increase exposure. However, bulls have yet to break the descending trendline resistance on the daily chart.
Traders should remain cautious: if market sentiment sours, profit-taking could lead to a pullback. In such a scenario, support levels at the 100-day EMA ($2.20), 50-day EMA ($2.21), and 200-day EMA ($2.10) would come into play.
Frequently Asked Questions (FAQ)
Q: How do macroeconomic events affect cryptocurrency prices?
A: Events like U.S. Federal Reserve interest rate decisions impact crypto markets primarily through their effect on the U.S. dollar. Rate hikes often strengthen the dollar and reduce risk appetite, leading to downward pressure on Bitcoin and altcoins. Conversely, rate cuts or dovish policies can weaken the dollar and boost risk assets like cryptocurrencies.
Q: What is the significance of halving events for cryptocurrencies?
A: Halving events reduce block rewards for miners by 50%, effectively cutting new supply in half. With steady or increasing demand, this scarcity can drive price appreciation over time—historically observed in both Bitcoin and Litecoin cycles.
Q: How do ETF inflows influence Bitcoin’s price?
A: Sustained inflows into spot Bitcoin ETFs reflect strong institutional demand. These funds bring new capital into the market without immediate selling pressure, supporting price stability and long-term growth.
Q: Why are moving averages important in crypto trading?
A: Moving averages like the 50-day and 200-day EMA help identify trend direction and potential support/resistance zones. When price holds above these averages, it signals bullish momentum; crossovers can indicate trend reversals.
Q: Can hacks or exploits impact overall market sentiment?
A: Yes. Security breaches—especially on DeFi bridges or exchange hot wallets—can trigger panic selling and erode trust. Even if isolated, such events often lead to short-term volatility across the broader market.
Q: How do token airdrops affect crypto assets?
A: Airdrops like those for Arbitrum (ARB) or Optimism (OP) increase awareness and user engagement. They can boost demand by distributing tokens to active participants, encouraging platform usage and ecosystem growth.
👉 Stay ahead with advanced analytics and real-time market insights.
Final Thoughts
The current rally in Bitcoin, Ethereum, and XRP reflects a maturing market where institutional participation plays an increasingly vital role. With ETF inflows surging and technical indicators flashing bullish signals, investor confidence remains strong. However, traders should remain vigilant near key resistance zones and monitor macroeconomic developments that could shift sentiment.
As digital assets continue gaining traction in traditional finance, understanding both technical patterns and fundamental drivers becomes essential for navigating this dynamic landscape.