Bitcoin holds near $118,000 after recent rally; Ethereum, Dogecoin surge up to 6%

Bitcoin held steady near the $118,000 mark on Wednesday, as traders took stock of a recent rally and shifting institutional dynamics. As of 11:18 am IST, the world’s largest cryptocurrency was trading 0.7% higher at $117,985. Ethereum surged over 6% to $3,144, leading gains among top altcoins.

Market watchers say the recent pause comes after Bitcoin’s sharp ~33% rally over the past month, which triggered a wave of profit booking. “BTC pulled back around 5%, trading near $118,000, while long liquidations exceeded $333 million,” said CoinSwitch Markets Desk in a morning note. Ethereum saw $113 million in forced exits but remained resilient amid growing optimism.

“Ethereum continues to attract bullish sentiment, with EMJ Capital reiterating its view that ETH could reach $10,000 in this cycle, supported by staking ETF approvals, a deflationary supply model, and rising institutional interest,” CoinSwitch added.


Srinivas L, CEO of 9Point Capital, believes Bitcoin’s uptrend remains intact despite recent pullbacks. “These are healthy pauses. Strong institutional demand and regulatory clarity are reinforcing the long-term bullish case. We expect BTC to consolidate above $117,000 before attempting $125K–$127K,” he said, advising investors to adopt a disciplined ‘buy-the-dip’ approach.

CoinDCX Research echoed the cautiously optimistic view. “While bears are still active, the market sentiment remains bullish. Most altcoins are holding recent gains, and momentum could resume soon,” the team noted.

Sathvik Vishwanath, Co-Founder and CEO of Unocoin, pointed to strong ETF inflows exceeding $14.8 billion this year as a major tailwind. “With the breakout above the $110K–$123K range, we expect Bitcoin to head toward $130K–$135K. Post-halving supply shocks, possible Fed rate cuts, and regulatory progress are key catalysts. Forecasts for 2025 suggest targets as high as $150K–$200K, with long-term projections near $500K,” he said.

Other major altcoins traded higher, with XRP and Solana rising 2%, Dogecoin gaining 4%, and Cardano adding 3%. Stellar, Sui, and Chainlink also rose between 2–4%.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)