Bitcoin Stuck Below $118,000 As Ethereum, XRP, Dogecoin Extend Gains

Cryptocurrency markets are trading sideways on Friday as Bitcoin continues to trade below the $118,000 mark.

Notable Statistics:

• IntoTheBlock data shows large transaction volume and daily active addresses increasing by 13.4% and 12.4% respectively. Transactions greater than $100,000 are up from 11,451 to 12,641 in a single day. Exchanges netflows are down by 77.7%.
• Coinglass data shows 190,589 traders were liquidated in the past 24 hours for $909.36 million.
• The top gainers/losers in the past 24 hours include Pump.fun (CRYPTO: PUMP), SPX6900 (CRYPTO: SPX) and Fartcoin (CRYPTO: FARTCOIN)

Notable Developments:

• First Strategy, Now MEI Pharma: Litecoin Joins Bitcoin As Treasury Asset
• $67M For More ETH: Bit Digital Expands Its Ethereum Treasury Beyond 120,000 Coins
• Another $1.1 Billion: Is This Bitcoin, Ethereum ETF Buying Spree Sustainable?
• Coinbase Stock Soars To All-Time High On Landmark Crypto Legislation
• Donald Trump Jr-Backed Thumzup Media Approves $250M In Bitcoin, Ethereum, XRP, SOL, Dogecoin Treasury Purchases
• Ripple CEO Hails GENIUS Act As ‘Transformational Legislation,’ Compares It To Dodd-Frank Act: ‘This Moment Is A Historic One’

Trader Notes: Crypto trader Jelle emphasized the importance of a weekly breakout for Bitcoin, suggesting it could trigger a surge in bullish momentum or mark a key trend reversal.

He expressed growing excitement about the upside potential if BTC can break from its current range.

In another X post, Jelle pointed out that Bitcoin may remain range-bound over the weekend, but a sharp breakout could occur early next week.

He warned that such a move could lead to a temporary pullback in altcoins, creating ideal dip-buying opportunities, a classic sign of capital rotating back into Bitcoin.

CrediBULL Crypto analyzed analyzed Bitcoin's Elliott Wave structure, noting that the 4th subwave correction appears near completion.

According to him, the impulsive 5th wave, typically a strong upward move, is still in play, hinting at an imminent breakout once this consolidation resolves.

Bitcoin.com News reported that Bitcoin dominance has slipped to a 4-month low, even as Ethereum, XRP, and other altcoins surge.

This signals that traders are rotating profits from Bitcoin's all-time highs into altcoins, a typical hallmark of a summer altcoin season.

While Bitcoin is still expected to rally again, the current price action favors alts in the short term.

Read Next:

• Are You Up On Your Bitcoin, ETH, XRP Holdings? ‘Take Out Enough,’ Prominent Whale Cautions