Bitcoin is experiencing profit booking near $123,000, potentially leading to a minor consolidation or correction. Altcoins are showing strength with many breaking above overhead resistance levels, signaling a new uptrend. Bitcoin ETFs saw over $1 billion in inflows, hinting at continued investor optimism. Michael Saylor’s Strategy bought 4,225 BTC at an average price of $111,827.

BTC’s dominance of the total crypto market capitalization dropped below 65%, causing a surge in several altcoins. An altseason typically begins after BTC’s dominance falls below 70%. The S&P 500 Index is holding above support at 6,147, suggesting a bullish outlook. The US Dollar Index is showing signs of reduced selling pressure with a potential rally towards 100.54.

Bitcoin hit a new all-time high of $123,218 but saw a pullback, indicating a potential minor correction. Ethereum’s price is facing resistance at higher levels, with support at $2,879. XRP surged above $2.65, showing bullish strength. BNB broke above $698 but is facing selling pressure. Solana completed a bullish pattern and could target $210.

Dogecoin is facing resistance at $0.21 but remains supported by bullish momentum. Cardano broke above a downtrend line, potentially targeting $0.86. Hyperliquid surged above $45.80 and could aim for $60. Investors are closely watching BTC’s price action for clues on market direction.

Read more at Cointelegraph: Altcoins Chase New Highs After Bitcoin Hits $123,000