Cryptocurrency markets are rallying on Monday, led by notable Ethereum outperformance.
Notable Statistics:
- IntoTheBlock data shows Bitcoin and Ethereum large transaction decreased by 0.1% and grew 3.97%, respectively. Daily active addresses dropped by 10.4% and increased 3.9%, respectively.
- Coinglass data shows 85,818 traders were liquidated in the past 24 hours for $234.22 million.
- The top gainers in the past 24 hours include MemeCore (CRYPTO: M), Mantle (CRYPTO: MNT) and Litecoin (CRYPTO: LTC).
Notable Developments:
- SharpLink Ups Ethereum Bets, Closes In On 500,000 ETH Holdings
- Bitcoin Mining With Nuclear Energy? French Lawmakers Are Considering It
- Coinbase CEO Brian Armstrong Defends UK-Ad Ban: ‘If You Can’t Say It, Then There Must Be A Kernel Of Truth In It’
- Vandalism Against Satoshi Nakamoto Statue Sparks Protest: You Can Steal Our Symbol, But You Will Never Be Able To Steal Our Souls’
- How Coinbase, Robinhood, Circle Could Benefit From The SEC’s New ‘Project Crypto’
Trader Notes: Michael van de Poppe notes that while Bitcoin has broken to the upside, it's still struggling at a major resistance level, with no clear trend reversal confirmed yet.
Bob Loukas highlights that BTC has retested its May cycle high, potentially marking the peak of this 60-day cycle.
While lower lows or retests are common in cycles, he notes they become less predictable in advanced bull markets.
His outlook suggests a strong rally toward a late August high, followed by a cycle decline into September.
Andrew Crypto explains that Bitcoin's recent dip wasn't surprising and was followed by a strong bounce, though it still hasn't tapped into the key demand zone.
He expects continued chop through August, with a move toward the supply zone likely regardless of whether BTC follows a bullish or bearish short-term path.
Rekt Capital points out that after completing a full fill of the Daily CME Gap, Bitcoin is now trying to reclaim higher ground. The crucial level to watch is $116,000, which marks the top of the gap and a potential trigger for further upside.
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