Crypto Market in Uptrend Amid Caution, Institutional Interest Raises Questions

The current crypto market scenario, according to trader Adam Bakay, remains technically in an uptrend on monthly and weekly scales, despite some concerns over the inability to achieve new all-time highs like in 2021. Bakay points out that institutional players like BlackRock holding around 3.5% of Bitcoin's supply adds complexity, creating divergence between strong interest and market performance and leading him to adopt a cautious, short-term trading stance. His key technical areas include support levels around $97,000–$95,000 and resistance near $100,000, with geopolitical factors in the Middle East influencing short-term outcomes. Ethereum's recent price behavior mirrors Bitcoin’s cautious outlook, with support levels near $1,800 and a recognition that the market's reaction heavily depends on geopolitical developments. Altcoins are underperforming, with rotations into crypto equities surpassing those into altcoins, which are fading even for strong names like Solana.