Bitcoin (BTC) Price Surges to All-Time Highs, Trading at ₹80.3 Lakhs

Bitcoin (BTC) is currently experiencing a surge in value, trading at approximately $94,200 (around Rs. 80.3 lakh) on international exchanges. This increase comes amid significant acquisitions by large investors, often referred to as "whales," and institutional buyers.

Over the past week, Bitcoin’s value rose by 7.80 percent, although it saw a slight decline of 0.09 percent on Indian exchanges. The cryptocurrency faced challenges in April, dropping to its lowest point of $76,000 (roughly Rs. 64.8 lakh) due to macroeconomic factors and geopolitical tensions between China and the United States.

Bitcoin's Trading Dynamics

Bitcoin’s immediate resistance is anticipated at the $96,000 (approximately Rs. 81.9 lakh) level, while support is expected at $90,500 (around Rs. 77.2 lakh).

Recent data from Glassnode shows a substantial increase in the number of "whale" wallets, defined as those holding over 10,000 BTC. Within a month, these wallets have risen from 124,000 to 137,600.

This accumulation trend is viewed as a positive indicator for Bitcoin’s potential upward momentum. Edul Patel, Co-founder and CEO of Mudrex, highlighted that this steady accumulation could serve to propel Bitcoin’s price trajectory in the near future.

Ether and Altcoin Performance

In other cryptocurrency news, Ether (ETH), the second-largest cryptocurrency, has faced some challenges. Its price dropped by 0.33 percent on international exchanges, bringing it to $1,792 (approximately Rs. 1.52 lakh). On Indian platforms, Ether is being traded around $1,798 (roughly Rs. 1.53 lakh).

However, Ethereum is attempting to break through the crucial resistance level of $1,800 (around Rs. 1.53 lakh), which could signal potential momentum for further upward movement.

Moreover, market sentiment remains cautiously optimistic as select altcoins are showing signs of spearheading the next phase of upward price action.

Broader Cryptocurrency Market Trends

The broader cryptocurrency market has shown mixed results, with many altcoins experiencing price declines.

Notable cryptocurrencies such as Tether (USDT), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and Tron (TRX) have all seen reductions in value.

However, some coins, including Ripple (XRP), Chainlink (LINK), Avalanche (AVAX), and Leo (LEO), have recorded gains. The overall market capitalization of the cryptocurrency sector has increased by 0.21 percent in the last 24 hours, now standing at $2.95 trillion (approximately Rs. 2,51,57,146 crore).

The CoinDCX research team noted that despite recent market corrections, the overall sentiment remains bullish. This bullishness is being driven by increasing institutional demand and positive macroeconomic indicators.

Expert Predictions on Bitcoin's Future

Experts are optimistic about Bitcoin’s future, with predictions suggesting it could rise to as much as $124,000 (around Rs. 1.05 crore).

Avinash Shekhar, Co-Founder and CEO of Pi42, pointed out that the overall market sentiment is extremely positive, fueled by growing institutional interest and improving fundamentals.

As the cryptocurrency market continues to evolve, investors are closely monitoring these developments, hoping for sustained growth in the coming months.