Cryptocurrency markets are down after Bitcoin failed to consolidate above the $119,00 mark.
Notable Statistics:
- IntoTheBlock data shows Bitcoin's large transaction volume and daily active addresses increased by 7.2% and 0.4%, respectively. Exchanges netflows narrowed by 118.3%.
- Coinglass data shows 121,983 traders were liquidated in the past 24 hours for $395.41 million.
- The top gainers in the past 24 hours include Pump.fun (CRYPTO: PUMP), Sonic (CRYPTO: S) and Toncoin (CRYPTO: TON).
Notable Developments:
- Robinhood Crypto Trading Volumes Surge In July, But: ‘Still Early In The Bull Cycle,’ Bernstein Says
- Happy 10th Birthday Ethereum! Why Its Strongest July Ever Could Be Just The Beginning
- Ethereum ETFs, Treasury Companies Now Hold Over $32B In ETH: Here’s What’s Driving The Frenzy
- Tether Posts $4.9B Profit, Surpasses $127B In U.S. Treasuries In Q2
- Coinbase CEO Brian Armstrong Recalls How US Immigration Woes Helped Spark Ethereum’s Creation
- 97% Of Bitcoin Wallets Are Now In Profit — What Does It Mean For Your Portfolio?
Trader Notes: Crypto trader GalaxyBTC noted this kind of consolidation on Bitcoin is familiar, saying it has happened before Bitcoin surged from $50,000 to $70,000.
Byzantine General observes Bitcoin being in a choppy, indecisive range, a “no man’s land.”
With the FOMC out of the way, price action might stay stuck here.
A trade setup only looks appealing if it takes out the local high or low, offering a potential scalp in the opposite direction.
Daan Crypto Trades sees Bitcoin retesteing near its range low after the FOMC but held a higher low, a sign of underlying strength.
Price is still ranging, but several marginally lower highs above hint at short stop and liquidation liquidity stacking up.
Once one of those levels breaks, a cascade could follow. For now, though, strong supply above $118,000 is capping upside and may take time to absorb.
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