Bitcoin’s stellar performance continued to dazzle traders as it achieved its highest weekly close on record, brushing close to the $110,000 mark this past Sunday. This remarkable feat unfolded against a backdrop of dormant whale wallets stirring to life and moving $8 billion in Bitcoin, compounded by the usual summer liquidity lulls and fresh tariff dramas. By Tuesday, Bitcoin was holding steady, just shy of $108,000, after experiencing a fleeting sell-off the previous night. For more insights into these whale movements, see Bitcoin Brushes $110K as Whales Pull Funds from Binance, What Are They Planning?.
Profit-Taking Dominates Altcoin Scene
While Bitcoin basked in its moment of glory, major altcoins weren’t quite as lucky. Solana (SOL) slipped 2.3% to $149, and Dogecoin (DOGE) took a 4.1% hit, leading the day’s declines. Meanwhile, Ethereum (ETH) hovered close to $2,530, and XRP held its ground at approximately $2.26.
The broader market climate saw Asian equities staggering but not collapsing entirely, after former President Donald Trump hinted at a willingness to revitalize trade discussions, delaying new tariffs until at least August 1. Despite Korea and Japan bracing for fresh levies, the MSCI Asia-Pacific index remained relatively flat. Risk appetite seemed to be making a cautious return as the yen depreciated and the won surged, with the euro gaining momentum amid whispers of a potential EU deal.
“Markets are hovering around record highs again,” observed Augustine Fan, Head of Insights at SignalPlus. Fan speculated that the ongoing earnings season might be driving sentiment, with investors hoping for optimistic guidance from CEOs, especially after the previous quarter’s tariff-induced surprises.
The Correlation Game
Cryptocurrency markets are no strangers to the nuances of global equities, with Bitcoin’s correlation with the SPX index nearing local highs. “Unless volatility picks up, we’re likely in for a hot but quiet summer,” Fan noted, adding a caveat that breakouts could still emerge unexpectedly. This follows a pattern of mixed whale activity, as detailed in Bitcoin Sees Unusual Mix Of Whale Gains Secured And Realized Losses – What This Means.
One trader, however, has set his sights on Bitcoin surpassing its $112,000 highs in the coming weeks. “Bitcoin is well-positioned to break its previous high in July, with upside potential towards $120,000 by month-end,” commented Ryan Lee, chief analyst at Bitget Research, in a message to CoinDesk. Lee attributed this outlook to robust institutional interest and steady ETF inflows, which continue to bolster bullish momentum.
Ethereum, too, is poised for potential gains. Lee highlighted that “Ethereum is also gaining strength, supported by sustained whale accumulation and renewed optimism under a crypto-friendly U.S. administration.” He speculated that ETH could challenge the $3,000 threshold by the end of July, although he acknowledged that market volatility remains a wild card.
Looking Ahead
As we move further into July, the crypto market appears to be teetering on the edge of further breakthroughs, though it remains vulnerable to the whims of broader economic narratives. The anticipated Federal Reserve rate cut in September could serve as a potent catalyst—adding yet another layer to the intricate web of market dynamics.
In a landscape where Bitcoin traders are setting their sights on $130,000 bets, and Ethereum enthusiasts are eyeing key psychological levels, the summer months promise to be anything but dull. As always, the question remains: Can these bullish trends sustain, or will the market throw yet another curveball?
Source
This article is based on: Crypto Traders Shrug Off Dormant Bitcoin Whale Moves, With Profit-Taking on XRP, DOGE, SOL
Further Reading
Deepen your understanding with these related articles:
- Bitcoin Whales Wake Up From 14-Year Slumber to Move Over $2B of BTC
- Bitcoin rallies to $109.7K but pro traders question BTC’s price momentum
- $280 Million in Crypto Shorts Liquidated as Bitcoin Tops $110K
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
