Bitcoin continued its upward momentum on Thursday, briefly surpassing the $108,000 mark as geopolitical tensions eased and institutional participation in crypto assets showed signs of strengthening. As of 11:50 am IST, the world’s leading cryptocurrency was trading at $107,800, up 1.5 per cent on the day, after touching a daily high of $108,305, according to Economic Times. Ethereum also posted gains, rising 1.8 per cent to trade at $2,481. The total cryptocurrency market capitalisation rose by 1 per cent to reach $3.3 trillion, as per CoinMarketCap data. Among altcoins, XRP, BNB, Chainlink, and Litecoin recorded modest gains of up to 1 per cent. However, others—including Solana, Tron, Dogecoin, Cardano, Hyperliquid, Sui, Avalanche, and Toncoin—saw declines of up to 2.5 per cent, indicating cautious sentiment among retail traders. “The crypto market is finding its footing with a cautiously optimistic undertone,” said Avinash Shekhar, Co-Founder & CEO of Pi42. “Bitcoin has climbed over 3 per cent in the past seven days, showing firm support from market participants. A retest of the $110,000 level seems likely if current levels hold,” he added, speaking to Economic Times. Sathvik Vishwanath, Co-Founder & CEO of Unocoin, observed, “Bitcoin shows signs of an impending breakout, with elevated open interest and neutral funding rates. Liquidation clusters between $106K and $110K suggest potential for stop-hunts. A decisive move above $108.5K could trigger momentum toward $112K–$115K.” Vikram Subburaj, CEO of Giottus, noted that Friday’s $20 billion options expiry could lead to increased market volatility. “Order book data shows rising interest near $111,000. However, $104,000 remains the key level to watch on the downside,” he said. Institutional buying has added to the bullish momentum. BlackRock ETFs reportedly acquired 3,210 BTC and 22,550 ETH, while Japanese investment firm Metaplanet purchased 1,234 BTC worth $132.7 million—surpassing Tesla’s Bitcoin holdings. Separately, GameStop raised $450 million through zero-interest notes and announced its intention to allocate a portion of the funds to Bitcoin as a reserve asset. However, regulatory concerns persist. Barclays Bank will implement a ban on cryptocurrency purchases via credit cards starting June 27, a move expected to affect retail investor accessibility in the UK. According to the CoinDCX research team, Bitcoin’s strength is lifting overall sentiment. “Bitcoin’s positive influence on market sentiment is clear, with certain altcoins like Pi, Kaspa, and Bitcoin Cash showing significant gains. The overall market trend remains largely stable, setting the stage for the next bullish wave,” the team said. Meanwhile, some previously high-performing tokens such as Sei, Fartcoin, Stacks, and Curve DAO Token saw sharp declines of 8–10 per cent, likely due to profit-taking. Ethereum held firm above $2,470, with analysts expressing confidence in a possible move toward $2,800. “ETF flows for Ether have been strong, though futures data shows some caution among traders,” added Shekhar of Pi42. Looking ahead, analysts expect the market to trade within a narrow range, driven by technical indicators and liquidity conditions, until new macroeconomic data- particularly inflation-related- comes into play. “Stay alert for volatility expansion,” Vishwanath cautioned. “The market is coiled for a breakout.”(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)