Traders are monitoring crypto price action as Bitcoin steadies and Ethereum holds key levels on Friday.
Traders view the current consolidation as building momentum for the next leg higher
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After briefly falling below $120,000 (roughly Rs. 1.06 crore) on Thursday, Bitcoin is hovering above the $121,000 (roughly Rs. 1.07 crore) mark on Friday as the global crypto market witnesses short-term weakness following this week's highs. Ethereum is trading near $4,300 (roughly Rs. 3.8 lakh), showing resilience despite mild profit booking. Supported by institutional inflows and ETF activity, the ongoing consolidation is seen as a healthy correction by analysts. As per the Gadgets 360 price tracker, Bitcoin trades at Rs. 1.07 crore on Indian exchanges, while Ethereum stands close to Rs. 3.88 lakh.
At the end of the week, altcoins showed mixed movements, mimicking Bitcoin's consolidation. Solana (SOL) was trading at $220 (roughly Rs. 19,500), while XRP and Dogecoin (DOGE) were priced at $2.82 (roughly Rs. 250) and $0.25 (roughly Rs. 22), respectively. Meanwhile, Binance Coin (BNB) was trading at $1,269 (roughly Rs. 1.12 lakh) on Friday.
Pi42 CEO and Co-Founder Avinash Shekhar called it a “technical correction”. “The ongoing correction appears technical in nature, with investors viewing the mild sell-off as a healthy breather within a broader uptrend. Institutional inflows and ETF participation continue to support the market, helping limit deeper downside,” he told Gadgets 360.
The CoinSwitch Markets Desk said leverage flush-outs are paving the way for organic price action. “BTC is trading steadily around the $121,000 (roughly Rs. 1.07 crore) zone as buyers step in on dips. BTC's key support range lies between $120,000 (roughly Rs. 1.06 crore) and $121,000 (roughly Rs. 1.07 crore), while a sustained break above $123,000 (roughly Rs. 1.09 crore) could trigger further upside,” the desk said.
On the other hand, Mudrex CEO Edul Patel said Bitcoin's recovery momentum remains supported by strong institutional confidence. “ETFs recorded over $2.5 billion (roughly Rs. 22,175 crore) in inflows this week […] While the market remains bullish, macro factors like the strengthening dollar index and limited economic data have added short-term uncertainty,” he noted.
The CoinDCX Research Team highlighted broader market shifts in light of the downward trend on Friday. “Bitcoin price continues to plunge for the second consecutive day, indicating a significant rise in the bearish influence over the crypto markets. The top gainer for the day is Zcash with over 41 percent,” the team noted.
As the market steadies post a week of volatility, traders expect the current consolidation phase to serve as a base for the next leg, provided Bitcoin holds above $120,000 (roughly Rs. 1.06 crore) support zone.
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