#BTCOvertakesAmazon Bitcoin remains at $120,000 while ETH, BNB, LINK, and UNI seek to extend the altcoin rally

Bitcoin could gain momentum above $120,000, with ETH, BNB, LINK, and UNI following its lead.

Bitcoin remains at $120,000 while ETH, BNB, LINK, and UNI seek to extend the altcoin rally

Price Analysis

Key Points:

Bitcoin finds support at lower levels, but could face strong selling in the $120,000 to $123,218 range.

Net inflows into Ether ETFs of over $1 billion on Monday suggest strong institutional demand.

The strength of Bitcoin

BTC

€102,889

rejection near the all-time high of $123,218 indicates that it is unlikely the bears will give up without a fight. BTC's failure to reach a new all-time high resulted in a pullback in several altcoins, but some have rebounded sharply.

Some analysts have become cautious with BTC following Monday's rejection. ZAYK Charts stated in a post on X that the Wyckoff method suggests that BTC may have entered a distribution phase, and a confirmation of this could drive the price down to $95,000.

Daily view of cryptocurrency market data. Source: Coin360

In comparison, Ether

ETH

€3932

has remained strong. According to data from Farside Investors, spot ETH exchange-traded funds (ETFs) recorded their highest net inflows in history at $1.01 billion on Monday.

Could BTC surprise to the upside? Will ETH lead altcoins higher? Let's analyze the charts of the top 5 cryptocurrencies that look strong in the short-term charts...