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Bitcoin price just hit a new all-time high above $112,000, and Ethereum is holding firm above a key support zone. 

On-chain data from Santiment, Altcoin Daily, and crypto analyst Ali Charts gives a clearer picture of what’s happening beneath the surface, and why the market might just be setting up for more upside.

Bitcoin’s rally to $112,152 didn’t come out of nowhere. According to Santiment, the price took off after weeks of quiet action and a clear drop in small-wallet activity. 

Basically, smaller retail holders were either selling or sitting out, and that’s usually when big players (whales) start buying. The Bitcoin chart shows four different points where wallet activity dipped.

In each case, Bitcoin’s price surged shortly after. It’s a pattern that’s repeated several times: retail exits, and Bitcoin rallies. 

Santiment even pointed out in a tweet that traders were dropping out “due to boredom or disbelief,” and smart money took advantage of that.

A chart shared by Altcoin Daily showed Bitcoin shooting up to $111,881 in just one massive candle. Before that move, BTC price was stuck in a tight range between $107,400 and $109,800.

The breakout was clean and explosive, it was probably powered by whale buys or short liquidations. That previous range now acts as a key support area. 

If BTC price retests and holds above $109,800, bulls may get more room to push the price even higher. It’s a familiar pattern, quiet range, sudden breakout, and then a test of strength on the way up.

While Bitcoin steals the spotlight, Ethereum price is quietly holding its ground above $2,530. Data from Ali Charts shows a major support zone between $2,378 and $2,454, where nearly 70 million ETH was bought by over 3 million addresses. 

That’s a big wall of buyers unlikely to sell anytime soon. What’s even more interesting is what’s above the current price. Resistance is minimal. 

One of the most important support levels for Ethereum $ETH is $2,380, with no major resistance ahead! pic.twitter.com/nAWD9q0EEg

There are some sellers between $2,607 and $2,884, but nothing that looks heavy enough to stop ETH if momentum builds. Plus, over 84% of ETH holders are in profit, so there’s not much pressure to sell.

The story playing out in both BTC and ETH is pretty clear: when retail traders get nervous or bored, long-term holders and whales take over. 

That shift has fueled Bitcoin’s breakout and is helping Ethereum stay steady. If Bitcoin price can stay above $109,800 and Ethereum continues to defend the $2,380 zone, the next leg higher might not be far off. The charts and wallets seem to agree.

Read Also: Traders, Get Ready: $303M in Token Unlocks Incoming – $APT, $IMX, $SOL, and $TIA on Watch This Week

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The post Here’s Why the Crypto Market Is Up: Bitcoin Hits New All-Time High, Ethereum Might Be Next appeared first on CaptainAltcoin.

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