Bitcoin remains range-bound at $121K amid cautious market sentiment

Bitcoin remained range-bound at $121,917 on Thursday, posting a modest 0.33% gain over the past 24 hours as markets await clearer macro signals and fund flow cues.

As of 11:22 am IST, Ethereum was slightly down 0.06% at $4,440, while other major tokens—including Solana, Tron, Dogecoin, Cardano, and Hyperliquid—rose over 3%. BNB and XRP fell by less than 1%. Overall, the crypto market capitalization edged up 0.4% to $4.18 trillion, according to CoinMarketCap.

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The CoinSwitch Markets Desk noted that Bitcoin is trading in a tight range between $121K and $125K, with weekly Bollinger Bands narrowing to record lows, indicating subdued movement. ETF inflows totaled $420.9 million on October 7, signaling steady institutional interest, though profit booking and a stronger dollar are keeping prices in check. Support is seen around $121K–$123K, with resistance near $125K.In the past one week, BTC gained 2.85% whereas Ethereum gained 1.46% in the same time period. Among the altcoins, BNB gained the maximum of around 23.80% whereas XRP went down up to 4.26%.

Another expert believes that BTC is entering a phase of healthy consolidation after its explosive rally, holding firm above previous highs.

“The market looks like a coiled spring, storing potential energy for the next breakout. As long as it sustains these levels, the broader view remains decisively bullish, digestion before another leg higher,” said Parth Srivastava, Head of Quant at 9Point Capital’s Research Team.

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Market perspective

Vikram Subburaj, CEO, Giottus.com

Bitcoin hovered near $122,000 in Wednesday trade after briefly crossing $124,000 and extending its consolidation phase even as related equities surged. The gains were led by mining majors like Cipher Mining and Bitfarms. Both advanced over 10% and this was fuelled by investor appetite for AI-linked high-performance computing infrastructure.

The move coincided with the release of US Federal Reserve minutes, which reaffirmed expectations of rate cuts later this year. While inflation risks remain, such signals are keeping liquidity sentiment constructive.