New Delhi, July 28, 2025 — The cryptocurrency market traded higher on Monday with Ethereum leading the rally among altcoins and Bitcoin inching closer to the critical $120,000 level, buoyed by strong institutional inflows and improving global macro sentiment.
As of 12:15 pm IST, Bitcoin was up 1% at $119,493, while Ethereum surged 3.5% to $3,914, according to CoinMarketCap data. The total crypto market capitalisation rose by 1.74% to reach $3.97 trillion.
Ethereum Outpaces Bitcoin on Institutional Inflows
Ethereum extended its recent outperformance over Bitcoin. “ETH jumped another 3.5% today, touching $3,900 and adding to its 59% surge over the past month,” said Shivam Thakral, CEO of BuyUcoin. He highlighted that institutional inflows into Ethereum ETFs reached $2.2 billion last week, surpassing Bitcoin ETF inflows.
This strong trend has prompted several analysts to describe the current phase as an “Ethereum season,” historically a precursor to wider altcoin rallies.
Altcoins Join the Rally
Other major altcoins also posted solid gains. BNB rose 6.7%, Avalanche gained 5%, Solana climbed 3.3%, Dogecoin added 2.6%, XRP increased by 2.4%, Cardano moved up 2%, and Chainlink advanced 2.7%.
Bitcoin Hovering Below Key Resistance
Despite its positive momentum, Bitcoin continues to trade just below a significant resistance zone. “Bitcoin continues to hover just shy of the $120,000 mark, catching its breath after bouncing back from its latest pullback,” Thakral added. He pegged key support levels at $116,411 and $115,000, while identifying $138,000 as the next major resistance.
According to Piyush Walke, Derivatives Research Analyst at Delta Exchange, Bitcoin has moved between $118,000 and $120,000 over the past two days. “Momentum indicators like MACD and ADX are still positive, but overbought signals from Stochastic and Williams %R hint at potential short-term consolidation,” he said.
Bullish Technical Patterns Forming
Sathvik Vishwanath, Co-Founder and CEO of Unocoin, pointed to a classic bullish pattern emerging in Bitcoin’s chart. “Bitcoin is consolidating just below $120K, forming a bullish cup-and-handle pattern. If BTC manages to hold this range and volume picks up, a surge toward $130K is likely,” he said.
Macro Sentiment Supports Rally
Broader macroeconomic factors have also lent support to the crypto rally. Harish Vatnani, Head of Trade at ZebPay, linked Bitcoin’s recent strength to easing geopolitical concerns. “Bitcoin’s rally above $119,000 coincided with easing tensions after the U.S. and China agreed to delay mutual trade tariffs,” he said.
Vatnani further noted that Bitcoin is aiming for a daily close above its 10-day moving average, after rebounding from the $114,500 zone. “BTC recently made a new all-time high of $123,218 before pulling back. It is now trading in a range between $120,500 and $115,500, forming a potential bullish flag pattern. A breakout above $125,000 could trigger the next leg up.”
Disclaimer: Recommendations, views, and opinions expressed by experts are their own. They do not reflect the views of Capital Mirror.
