Market Overview

Bitcoin continues its upward trajectory, facing resistance near its all-time high of $123,218 while maintaining strong support above $117,000. The broader cryptocurrency market shows bullish momentum, with Ethereum leading altcoin gains after breaking through the $4,094 resistance level.

Key Developments

——Institutional interest surges as Bitcoin ETFs record $403.88 million in single-day inflows—— according to SoSoValue data. Notably, BitMEX co-founder Arthur Hayes repurchased 2,373 ETH at $4,150 after previously selling at lower levels, signaling renewed confidence in Ethereum's prospects.

Technical Analysis

The SPX index demonstrates resilience, bouncing off its 20-day SMA (6,331) with potential to test 6,500 resistance. Meanwhile, the DXY struggles to maintain momentum, with critical support at 97.10. Crypto assets show these key levels:

Bitcoin (BTC)

• Current price: $122,335
• Support: $117,000-120,000 zone
• Resistance: $123,218 ATH
• Outlook: Breakout potential remains strong if bulls defend $117,000 support

Ethereum (ETH)

• Current price: $4,150+
• Support: $4,094 breakout level
• Resistance: $4,868 next target
• Notable: ——ETH outperforms with 15% weekly gain——

Altcoin Watchlist

【XRP】Testing $3.38 resistance after clearing 20-day SMA ($3.10)
【BNB】Consolidating near $815 with $861 as next upside target
【SOL】Approaching $185 resistance with 20-day SMA ($176) as support
【ADA】Holding above 20-day SMA ($0.77) for potential $0.86 test

Market Sentiment

The crypto sector shows remarkable resilience despite Bitcoin's consolidation near record highs. Analysts note increasing altcoin rotation, particularly in Ethereum and Solana ecosystems. As of press time, total crypto market capitalization stands at 【$4.8 trillion】, up 7% weekly.

Risk Factors

Traders should monitor these critical levels:
• BTC losing $117,000 support could trigger pullback to $111,920
• DXY breaking 97.10 may strengthen crypto bullish case
• SPX failing at 6,427 resistance could spark risk-off sentiment

——Market participants remain divided on whether current levels represent a local top or the beginning of a new parabolic phase——. The coming week's price action around these key technical levels will likely determine the next major trend.

Disclaimer: This analysis represents market observations only and should not be considered investment advice. Cryptocurrency trading involves substantial risk.