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Summer Crypto Rally: BTC Surge and Ethereum Momentum Build
Bitcoin’s rapid ascent towards the coveted $120,000 milestone is drawing attention from investors worldwide. The crypto market has heated up, with key assets consolidating near crucial levels while sentiment remains cautious due to lingering macroeconomic uncertainty.
The Federal Reserve’s decision to maintain interest rates between 4.25% and 4.50% has alleviated concerns about a recessionary impact on the digital asset space. Despite this, Bitcoin has begun to decouple from traditional equities, positioning itself as a potential inflation hedge.
This shift in correlation has attracted capital inflows into crypto during equity pullbacks, further solidifying the market’s resilience in the face of geopolitical risks and uncertainty. The total market capitalization has held above $3.4 trillion, demonstrating cryptocurrency’s ability to adapt to global developments.
Bitcoin recently hit a record high near $123,000 before retreating to approximately $117,000. Price action now rests within a tight range, with $115,000 to $120,000 acting as key resistance and the psychological $100,000 level serving as robust support.
Ethereum is showing renewed strength, driven by speculation surrounding ETFs and a surge in layer-2 activity. The asset has climbed past $3,800, its highest mark since last year. Technically, ETH is approaching a critical resistance zone tied to its previous cycle highs, which could pave the way for $4,400 and beyond.
In contrast, altcoins are waiting for rotation, capital preferring established names. Bitcoin dominance remains elevated at 64%, indicating that widespread rallies in altcoin projects may not materialize before further confirmation of institutional interest in mid-cap assets.
Still, there are signs of growing enthusiasm for select altcoins. Many projects have demonstrated oversold conditions on the RSI, while total altcoin market capitalization holds above $1.1 trillion. This implies investors are positioning ahead of a potential asset shift, favoring tokens with robust fundamentals and real-world traction.
As traders anticipate a potential late-summer breakout, institutions are becoming increasingly active in the space. Investor focus is shifting towards AI-linked tokens and altcoin narratives.
Source: coinrevolution.com
