Bitcoin Holds Steady As Ethereum, XRP, Dogecoin Lead Altcoin Rally

Cryptocurrency markets are rallying on Monday, led by notable Ethereum outperformance.

Notable Statistics:

• IntoTheBlock data shows Bitcoin and Ethereum large transaction decreased by 0.1% and grew 3.97%, respectively. Daily active addresses dropped by 10.4% and increased 3.9%, respectively.
• Coinglass data shows 85,818 traders were liquidated in the past 24 hours for $234.22 million.
• The top gainers in the past 24 hours include MemeCore (CRYPTO: M), Mantle MNT/USD and Litecoin LTC/USD.

Notable Developments:

• SharpLink Ups Ethereum Bets, Closes In On 500,000 ETH Holdings
• Bitcoin Mining With Nuclear Energy? French Lawmakers Are Considering It
• Coinbase CEO Brian Armstrong Defends UK-Ad Ban: ‘If You Can’t Say It, Then There Must Be A Kernel Of Truth In It’
• Vandalism Against Satoshi Nakamoto Statue Sparks Protest: You Can Steal Our Symbol, But You Will Never Be Able To Steal Our Souls’
• How Coinbase, Robinhood, Circle Could Benefit From The SEC’s New ‘Project Crypto’

Trader Notes: Michael van de Poppe notes that while Bitcoin has broken to the upside, it's still struggling at a major resistance level, with no clear trend reversal confirmed yet.

Bob Loukas highlights that BTC has retested its May cycle high, potentially marking the peak of this 60-day cycle.

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While lower lows or retests are common in cycles, he notes they become less predictable in advanced bull markets.

His outlook suggests a strong rally toward a late August high, followed by a cycle decline into September.

Andrew Crypto explains that Bitcoin's recent dip wasn't surprising and was followed by a strong bounce, though it still hasn't tapped into the key demand zone.

He expects continued chop through August, with a move toward the supply zone likely regardless of whether BTC follows a bullish or bearish short-term path.

Rekt Capital points out that after completing a full fill of the Daily CME Gap, Bitcoin is now trying to reclaim higher ground. The crucial level to watch is $116,000, which marks the top of the gap and a potential trigger for further upside.

Read Next: 

• Bitcoin Rebounds Above $115,000: What Does Technical Analysis Say About Its Next Move?

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