Bitcoin Stalls Near $117,000 As XRP, Solana, Dogecoin Extend Gains

Cryptocurrency markets are trading higher on Monday, with Solana and DOgecoin notably outperforming Bitcoin.

Notable Statistics:

• IntoTheBlock data shows large transaction volume and daily active addresses declined by 2.95% and 1.5% respectively. Exchanges netflows are up by 111.6%.
• Coinglass data shows 130,872 traders were liquidated in the past 24 hours for $414.26 million.
• The top gainers in the past 24 hours include Pudgy Penguins (CRYPTO: PENGU), Kaspa (CRYPTO: KAS) and Ethena (CRYPTO: ENA).

Notable Developments:

• ‘The Ether Machine’ Raises $1.5 Billion For ETH Investments
• Ethereum Is At The Forefront Of The Financial Services Revolution, Bernstein Says
• Strategy Buys 6,220 BTC, Boosts Bitcoin War Chest To 607,770
• Trump Wants Bitcoin And Gold In Your 401(k)—And The Math Backs Him Up
• EXCLUSIVE: DeFi Development Buys $19 Million In Solana

Trader Notes: Crypto trader Daan Crypto Trades highlights that Bitcoin is currently testing the upper boundary of a bullish pennant.

For the breakout to be valid, he says Bitcoin needs to close above the pattern on higher timeframes. A rejection here and fall back inside the pennant could signal a fakeout, potentially leading to a local reversal.

More Crypto Online notes that Bitcoin is still holding micro support, but stresses that a break above $119,650 is needed for bullish confirmation.

In the meantime, the analyst believes altcoins present more attractive opportunities in the current environment.

Michael van de Poppe observes that Bitcoin has now cleared liquidity on both sides, indicating market indecision.

With volatility compressing, he expects a major breakout or breakdown soon.

According to him, a move above $119,500 would likely trigger a new all-time high, while a drop below $116,800 could lead to a buy-the-dip scenario near $111,000.

Crypto Batman adds to the bullish sentiment, pointing out the ongoing bullish pennant formation.

He suggests that while a clean breakout would be ideal, even a retest of the bullish Fair Value Gap below could offer a strong long setup.

Overall, he views the market structure as bullish regardless of which path Bitcoin takes next.

Read Next:

• Trader Who Called Bitcoin, Ethereum, Solana Bottom In April Now Warns Local Top Likely In August

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