Bitcoin, Ethereum, XRP, Dogecoin Slide After Record Weekly BTC Close

Following Bitcoin’s highest weekly close ever, the crypto market may now face a wave of profit-taking and macro uncertainty, leaving observers caught in two minds about its next move.

Notable Statistics:

• IntoTheBlock data shows Bitcoin large transaction volume decreased by 8.6% while Ethereum dropped by 16.7% in a single day. Ethereum exchanges netflows are up by 157%.
• Coinglass data shows 154,467 traders were liquidated in the past 24 hours for $667.09 million.
• SoSoValue data shows a net inflow of $260.3 million into spot Bitcoin ETFs on May 16. Spot Ethereum ETFs saw a net inflow of $22.1 million.

Trader Notes: Crypto trader Bleeker noted that despite recent volatility, "nothing meaningful has changed in over a month."

Referencing a chart where $106,000 was pre-marked as resistance, he emphasized that altcoins won’t make any real move until Bitcoin hits a new all-time high.

For now, BTC remains range-bound between $99,000 and $106,000, and Bleeker advises traders to "chill out — it's all part of the game.".

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In contrast, trader DonAlt pointed out that Bitcoin has already closed at a new all-time high, breaking through all major resistances.

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With BTC now in price discovery, he noted that while technically the "sky’s the limit," the rally's sustainability hinges on macro tailwinds: healthy institutional support, regulatory clarity, and Michael Saylor's MicroStrategy not buckling under market pressure.

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While whales are accumulating profits on Ethereum after the significant rally, analyst Michael van de Poppe sees $2,400 as a prime accumulation zone, suggesting a "buy the dip" setup ahead of an expected move toward $4,000.

As for XRP, crypto analyst Ali Martinez warned that a break below $2.30 could open the door for a drop back to $2.00. His technical outlook highlights the importance of maintaining this support level for bullish continuation.

Trader Tardigrade observed Dogecoin returning to its flag zone after testing the upper resistance of the pattern.

He maintains that the bull flag structure remains intact, which typically signals continuation, if support holds.

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