Bitcoin has broken through the $72,000 barrier, leading a broad cryptocurrency market rally with a 2.6% increase in total market capitalization to approximately $2.46 trillion. The flagship cryptocurrency's price action shows a clean and promising uptrend, having gained more than 2.6% in the past 24 hours and pushing its market cap above $1.42 trillion. This move extends a five-day green candle streak, with BTC up approximately 8.7% since Monday morning, demonstrating resilience despite extreme macro noise from the conflict in Iran and spiking oil prices.
The rally is attributed to consistent buying pressure from Wall Street via Bitcoin spot ETFs, which have seen $1.16 billion in total net inflows so far this month, with $586.99 million added this week alone. On-chain data indicates accumulation between $62,000 and $72,000, with traders now eyeing the next key resistance zone near $80,000.
Ethereum and other major altcoins joined the upswing. Ethereum traded around $2,124 after a 2.6% gain, with a market cap near $252 billion. BNB hovered around $666, XRP climbed to about $1.42, and Solana traded near $90 after a 3% daily increase. Daily trading volume for Bitcoin approached $47 billion, while Ethereum's exceeded $24 billion.
Despite the price recovery, market sentiment remains cautious. The Crypto Fear and Greed Index sits at 31, firmly in the "Fear" zone, and the Altcoin Season Index remains at 40, indicating Bitcoin continues to dominate capital flows. Technical readings show an average RSI around 56, pointing to a neutral setup. Traders are now focused on whether Bitcoin can maintain support above the key psychological level of $70,000.
Market participants are also awaiting the upcoming January PCE Index report, a key inflation gauge closely followed by the Federal Reserve. The broader recovery aligns with stabilization in traditional stock markets and a modest rebound in risk assets, as crypto continues to show correlation with macro financial trends.
