Bitcoin Tests $121,000 Support, Ethereum Steadies Despite Market Cool-Off

After a historic rally earlier this week that pushed Bitcoin and Ethereum to fresh all-time highs, the global crypto market on Wednesday saw consolidation. Bitcoin trades at $121,300 (roughly Rs. 1.07 crore), while Ethereum stands at $4,400 (roughly Rs. 3.9 lakh) at the time of writing. The pullback comes after record institutional inflows and macroeconomic tailwinds fuelled the latest surge, with traders calling this phase a healthy breather in the ongoing crypto rally.  As per the Gadgets 360 price tracker, Bitcoin is trading at Rs. 1.07 crore on Indian exchanges, while Ethereum stands at around Rs. 3.93 lakh.

Altcoins See Mixed Moves as Traders Watch Key Support Levels

Altcoins mimicked Bitcoin's mild retreat on Wednesday, as did most other digital assets on crypto exchanges. Binance Coin (BNB) was trading at $1,282 (roughly Rs. 1.13 lakh), Solana (SOL) slipped from $220 (roughly Rs. 19,500) to $218 (roughly Rs. 19,300), XRP was at $2.85 (roughly Rs. 250), while Dogecoin (DOGE) traded at $0.26 (roughly Rs. 20).

“Despite the mild pullback, market structure remains bullish, with optimism that there's around a 50 percent probability of Bitcoin testing $140,000 this month if momentum sustains. Key support lies near $113,000 (roughly Rs. 1 crore), which remains crucial for maintaining bullish sentiment. Ethereum is seeing minor profit-taking,” Avinash Shekhar, Co-Founder & CEO of Pi42, told Gadgets 360.

“Strong institutional appetite supports BTC, helping it sustain momentum and recover quickly. Bitcoin spot ETFs saw a massive inflow of $1.2 billion (roughly Rs. 10,646 crore) in just one day, influencing this price action. For now, $124,600 (roughly Rs. 1.1 crore) stands as an immediate resistance,” said Edul Patel, CEO of Mudrex

The CoinSwitch Markets Desk added that recent movements appear constructive rather than bearish. “The move appears to be a healthy short-term correction rather than a trend reversal. On-chain data suggests some profit-taking by long-term holders. While altcoins may experience mild consolidation, the broader market structure remains constructive as long as BTC holds above $120,000 (roughly Rs. 1.06 crore),” the desk said.

On the other hand, the CoinDCX Research Team highlighted shifts in both tokens and investor activity. “Binance Coin sustains above $1,200 (roughly Rs. 1.06 lakh) while Solana's price drops below $220 (roughly Rs. 19,500). PancakeSwap leads the top gainers with over an 11 percent jump, followed by Sonic (S) by over 7 percent and BNB by over 4.8 percent. On the other hand, DoubleZero (2Z) leads the top losers with over 17.8 percent pullback,” the research team said.

As traders adapt to recent all-time highs, Ethereum's ability to hold near $4,500 (roughly Rs. 4 lakh) and Bitcoin's defence of the $120,000 (roughly Rs. 1.06 crore) support will be key in shaping the next leg of the “Uptober” rally.