Bitcoin News Today: Bitcoin Stabilizes Near $120K as Altcoins Strengthen on Institutional ETF Inflows

The cryptocurrency market is closely watching Bitcoin’s (BTC) consolidation near $120,000, with bulls maintaining control despite repeated failures to breach the $120,000 resistance. Net inflows into BTC exchange-traded funds over the past three trading days suggest renewed institutional confidence, while American investor Ray Dalio highlighted BTC’s role as a 15% allocation in a diversified portfolio to hedge against fiat devaluation [1]. This stability in Bitcoin’s range has shifted focus to altcoins, with Ether (ETH), BNB, Avalanche (AVAX), and Pudgy Penguins (PENGU) showing strong chart patterns that could drive a rally if Bitcoin breaks its consolidation.

Ether’s recent pullback from $3,941 has not eroded bullish sentiment, as the 20-day simple moving average (SMA) at $3,473 and overbought RSI favor buyers. A breakout above $3,941 could target $4,868, though a failure to hold above the 20-day SMA risks a deeper correction to $3,250. Institutional interest in ETH is notable, with treasury firms reportedly accumulating 1% of the total supply since June—a figure potentially expanding tenfold [2]. BNB, after retreating from $861, faces critical support at $794. A rebound here could pave the way for a retest of $900, while a breakdown below $761 would signal bearish momentum.

Avalanche’s consolidation between $15.27 and $27.38 reflects balanced buying and selling pressure. A breakthrough above $27.38 could propel AVAX toward $39.49, whereas a drop below the 20-day SMA ($23.52) may extend its range-bound phase. Pudgy Penguins, meanwhile, faces immediate resistance at $0.046. If bulls overcome this level, the asset could target $0.065, but a breakdown below the 20-day SMA ($0.033) may force a retest of $0.028.

Bitcoin’s 4-hour chart shows a neutral balance, with the RSI near the midpoint. A close above $120,000 would validate bullish control, potentially pushing BTC toward $150,000. Conversely, a drop below $115,000 could trigger a correction to $110,530, with further downside risk to $100,000 if this level fails. The market’s ability to maintain Bitcoin’s range while altcoins show strength underscores growing institutional adoption, as firms increasingly allocate to non-BTC assets.

The analysis highlights a potential domino effect: a Bitcoin breakout could energize altcoins with robust technical setups. However, investors are cautioned to monitor key support and resistance levels, as failures in these areas may reverse momentum. The interplay between Bitcoin’s stability and altcoin dynamics reflects broader market confidence, though risks remain for short-term volatility [3].

Source: [1] Ray Dalio’s comments on the Master Investor podcast [2] Standard Chartered report on ETH treasury allocations [3] Coin360 and TradingView technical analyses.