Bitcoin trades flat at $110K. Analysts say recovery signs are supported by record-high hash rate strength

Bitcoin was trading flat at $110,734 on Thursday, with analysts noting recovery signs supported by record-high hash rate strength, even as traders remain cautious about September’s seasonality.

“Bitcoin is trading flat near $111K, with recovery signs supported by record-high hash rate strength, even as traders remain mindful of September’s seasonality. The spotlight, however, is firmly on Ethereum. Despite a $300M spot ETF outflow, ETH ETF inflows outpaced Bitcoin in August. Futures positioning remains bullish, open interest is holding strong above $8.4B, and a tightening supply dynamic is fueling confidence in a push toward the $5K mark,” said Avinash Shekhar, Co-Founder & CEO, Pi42.

According to another expert, BTC is consolidating, with momentum pausing briefly after breaking key thresholds.

“Bitcoin is consolidating; momentum paused briefly after breaking key thresholds. Yet market structure, liquidity flows, and ETF‑driven demand remain constructive. As institutional interest grows and technical patterns maintain a bullish posture, the setup favors continuation of the rally toward new highs,” said Parth Srivastava, Head of Quant at 9Point Capital’s Research Team.

At 13:51 PM IST, Bitcoin was trading at $110,670, down 0.46% over the past 24 hours and nearly 2.29% over the past week. Ethereum, meanwhile, was trading at $4,387, up 1.37% in the past 24 hours and 5% over the last seven days.

According to CoinMarketCap, the crypto sector’s overall market capitalization stood at around $3.81 trillion on Thursday.

“Altcoins are echoing resilience: XRP is gaining traction on improving sentiment, Dogecoin is participating in the broader rebound, and Cardano is drawing fresh attention as the market flags potential upside. Market conviction is shifting toward Ethereum-led momentum, with investors recalibrating positions for what could be a strong month if macro conditions remain supportive,” added Avinash Shekhar.

CoinSwitch Markets Desk noted that BTC attempted an early push higher but faced repeated rejections near $112,600 resistance, keeping upside momentum in check. A midday spike on stronger volumes briefly lifted prices, but sellers quickly regained control, pulling BTC lower. By the late session, it slipped back toward $111,400, hovering near the day’s lows.

Overall, price action remains consolidative, with $112,600 as key resistance and $111,000 as immediate support. Market observers highlighted that large-holder rotation into ETH is easing, with institutional flows returning to BTC, positioning it for a gradual upward move.

American Bitcoin, a Trump-linked mining and accumulation firm backed by Donald Trump Jr. and Eric Trump, surged as much as 110% on its Nasdaq debut before retreating. ETH also remains in an uptrend, gaining 2.2% in the last 24 hours, with key resistance at $4,480 and support at $4,350.

Meanwhile, Ukraine’s parliament passed the first reading of a bill to legalize and tax cryptocurrency, a move that could reshape one of the world’s top crypto adoption markets.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)