While bulls are attempting to trigger a recovery, analysts believe that bearish sentiment still dominates the broader crypto market
Ethereum (ETH) is showing early signs of short-term bullish momentum on the 1-hour timeframe, supported by a 20/50 EMA bullish crossover
The market analysts, however, remain optimistic, suggesting that ongoing macroeconomic factors point toward a potential trend reversal
Bitcoin price today: The world's largest crypto-asset by market capitalisation rose as much as 1.27 per cent to $124,514.57 on Thursday
This bullish momentum comes on the heels of US President Donald Trump signing an executive order to expand 401(k) access to alternative assets, aiming to improve returns and diversification
Bitcoin's market dominance declined to approximately 60 per cent, while Ethereum's share surpassed 11.8 per cent, indicating a notable shift in asset allocation within the cryptocurrency market
For BTC to regain bullish momentum, analysts believe that a confirmed breakout above $116,000 is necessary.
So far this month, Ethereum has surged nearly 59 per cent. Despite the recent rally, ETH remains 19 per cent below its all-time high of $4,891, reached in November 2021
At last check, Bitcoin was trading around $118,071.31, down 0.41 per cent, with a 24-hour trading volume of $71.07 billion
Altseason, analysts suggest, typically follows a pattern in the crypto market's 4-year cycle - starting with Bitcoin, then large-cap tokens like ETH and SOL, and finally spreading to smaller altcoins
Bitcoin has fluctuated in the range of $116,550 - $119,239 in the last 24 hours, with a trading volume of $62.97 billion
The changes will go into effect prior to the start of trading on July 23, according to a press release from S&P Dow Jones Indices
The approval of these crypto-related bills, analysts said, has boosted investor confidence and added regulatory clarity, driving strong upward momentum across the market
Bitcoin is currently 4.25 per cent away from its all-time high of $123,091.60, scaled on July 14 this year
Standard Chartered already offers crypto products, including trading, via two independent subsidiary companies: Zodia Markets and Zodia Custody
Market analysts attribute this pullback to profit-taking among investors at higher levels
The flagship cryptocurrency's market cap has soared to $2.43 trillion, cementing its position as the largest cryptocurrency by market capitalisation and making it the fifth-largest asset globally
The rally in Bitcoin, market analysts said, is being driven by a confluence of macroeconomic factors including anticipated US rate cuts, a weakening dollar, and ongoing trade negotiations
The flagship cryptocurrency touched a fresh high of $112,009, gaining nearly 14 per cent from its June 22 low of around $98,000
Alongside Bitcoin and Ethereum, other altcoins within the top 10 displayed strength and were trading above their respective support levels