Bitcoin Is Building Momentum
Bitcoin (BTC) is down 2.2% this week to $112,711, while Ethereum (ETH), the leading altcoin, has fallen more sharply by 6.7% to $4,180. Despite the declines, there are no clear fundamental reasons weighing on the crypto market. In fact, sentiment remains broadly positive as Bitcoin ETFs, including IBIT from BlackRock, FBTC from Fidelity, and GBTC from Grayscale, have attracted $2.37 billion in inflows over the past two weeks. Optimism is also supported by fresh record highs in stock markets and the Federal Reserve’s recent rate cut. From a technical perspective, Bitcoin continues to trade above the midpoint of its five-month upward channel. This consolidation phase could end at any time, and when an upside breakout occurs, it will open the path toward $150,000–$160,000.
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