Bitcoin, Ethereum, XRP, Dogecoin Hold Steady Ahead of Holiday Weekend — Ideal Time To Hedge Shorts

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:

• Bitcoin, Ethereum Poised For Bullish July, Experts Say, But Only One Is ‘Underowned’
• Anthony Scaramucci Predicts Bitcoin Treasury Frenzy ‘Will Fade’
• Arthur Hayes Shares His ‘Stablecoin Play’ — And It Isn’t Betting On Circle
• XRP Spikes 3% As Ripple Applies For US Banking License

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.

Read Next: 

• Bitcoin, Ethereum, XRP Need Not Worry About Summer Blues As Long As This Critical Support Holds, Trader Says

Image: Shutterstock