Major cryptocurrencies are consolidating at recently established highs as sentiment remains upbeat due to strong institutional inflows and rising optimism around spot ETF approvals for altcoins.
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 4.3% and daily active addresses growing by 2.4%. Transactions greater than $100,000 are up from 11,019 to 12,303 in a single day. Exchanges netflows are up by 19.9%.
- Coinglass data reports 88,497 traders were liquidated in the past 24 hours for $242.80 million.
Notable Developments:
Top Gainers:
Trader Notes: Crypto trader Ted Pillows noted that Bitcoin dominance appears set for a short-term decline, likely triggering a brief relief rally for altcoins. While it’s not expected to mark the beginning of a full altseason, altcoin holders may still enjoy a few weeks of upside.
Byzantine General sees a breakout in both price and open interest (OI) typically signals continued upside. Based on this pattern, BTC could be heading toward the next target at $112,000.
Titan of Crypto observed that Bitcoin is nearing a crucial mid-channel resistance level on the weekly chart. A breakout above this red mid-range line could pave the way for a move into the higher green target zone.
Crypto Mikey stated that with the holiday weekend approaching, this appears to be a good spot to hedge short on Bitcoin. He advises it is time to play it safe and enjoy the break.
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