Bitcoin Taps $106,000 As Ethereum, XRP, Dogecoin Struggle

Bitcoin is testing the $106,000 level on Tuesday, while Ethereum, XRP and Dogecoin continue to show signs of weakness.

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 62.5% and daily active addresses up by 16.5%. Transactions greater than $100,000 are up from 7,945 to 11,221 in a single day. Exchanges netflows surged by 5,227.5%.
• Coinglass data reports 68,648 traders were liquidated in the past 24 hours for $192.88 million.

Notable Developments:

• Senate Crypto Bill Passes Key Vote, GENIUS Act Moves Toward Final Passage
• MSTR’s New Bitcoin Accounting Standard To Drive ‘Financial Swings,’ Make Earnings ‘Volatile,’ Says Expert After Lawsuit Hits Strategy
• Bitcoin To Hit $500,000 By 2028, Standard Chartered Says, As ETFs Buy $667M On Monday
• Genesis Accuses DCG, Barry Silbert Of Fraud, Seeks $1.2B In Crypto Transfers Made During Insolvency (UPDATED)

Top Gainers:

Trader Notes: Analyst Kevin believes a clean break above $106,800 would confirm the next leg up toward $116,000, but until then, he warns it's still a “wait and see” environment.

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Meanwhile, Michael van de Poppe sees familiar patterns forming, noting Bitcoin's current stagnation mirrors the all-time high consolidations of 2017 and 2021, periods that preceded explosive upside moves.

He suggests this could be the calm before the storm in the ongoing bull cycle.

Quinten Francois offered a strategic note: "Buy in May and go away (for 5 months)," hinting that patient long-term positioning now could pay off by Q4.

Jelle, another trader, said Bitcoin is nearing a new phase of price discovery. Staying disciplined, he trimmed 2% of his position as per plan but maintains strong exposure for what he expects to be a smooth final leg of the bull run. "Gains are secured. Now, we ride."

Read Next:

• Bitcoin Is About To Make A Golden Cross: What Happens Next?

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