Bitcoin Eyes $120,000 As Ethereum, XRP, Dogecoin Weaken

Cryptocurrency markets are trading sideways on Tuesdayas Bitcoin attempts to reclaim the $120,000 mark.

Notable Statistics:

• IntoTheBlock data shows Bitcoin large transaction volume and daily active addresses increased by 121.9% and 14.7% respectively. Transactions greater than $100,000 are up from 7,583 to 10,609 in a single day. Exchanges netflows are up by 225.7%.
• Coinglass data shows 150,038 traders were liquidated in the past 24 hours for $540.70 million.
• The top losers in the past 24 hours include Conflux CFX/USD, Pump.fun PUMP/USD and Ethena ENA/USD.
• Bloomberg analyst James Seyffart stated on X that five different Bitcoin and Ethereum funds on CBOE filed amendments with the SEC for obtaining the ability to do in-kind creation and redemption.

Notable Developments:

• Jamie Dimon Once Called Bitcoin A ‘Fraud’—Now JPMorgan Might Lend Against It
• Telegram Bots Reshape Avalanche Trading, But Are They The Future Of DeFi UX Or Just A Shortcut?
• Chamath Palihapitiya ‘Excited’ About Coinbase’s Upcoming Crypto Credit Card That Promises Bitcoin Rewards
• What Western Union’s Sudden Interest In Stablecoins Means For Your Money Transfers
• Justice Department Drops Case Against Kraken Founder Jesse Powell

Trader Notes: Crypto trader CJ outlined two potential bullish scenarios:

Scenario 1: Price dips into a 4-hour demand zone (visible on Coinbase but not all exchanges), triggers a sweep of recent highs, possibly signaling either a clue or a price anomaly.

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Scenario 2: Current range is viewed as accumulation. A manipulation move below the range low into the daily fair value gap (FVG) could precede a strong rally. This would lead to distribution above current highs, potentially pushing Bitcoin to new all-time highs and extending towards ~$128,000.

Bitcoin Munger believes $150,000 is the next pit stop for Bitcoin on its way to $400,000.

Crypto Chase sees Bitcoin’s price action is progressing well.

The $118,400 S/R flip setup occurred when the traders missed it.

Now the key is continuation: if this is indeed the leg, bulls want to see momentum build from here rather than more retests around $118,000. The trader is watching for sustained strength from this point onward.

Read Next: 

• ‘I’d Rather Have An iPhone Than A Landline’, Says Ether Machine CEO About Why He Doesn’t Own Bitcoin

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