Major cryptocurrencies are trading slightly lower amid ongoing ETF inflows and rising institutional participation.
Notable Statistics:
IntoTheBlock data shows large transaction volume increasing by 5.2% and daily active addresses falling by 2.4%. Transactions greater than $100,000 are up from 11,250 to 11,556 in a single day. Exchanges netflows are down by 289.8%. Coinglass data reports 82,891 traders were liquidated in the past 24 hours for $206.78 million.
Notable Developments:
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Top Losers:
Trader Notes: Crypto trader Stoic sees Bitcoin’s momentum is slowing near the upper bounds of the composite value range. While BTC cleared out yesterday’s poor high, today’s session is weak, currently trading below session VWAP. Key support lies between $104,500 and $106,000, with strong resistance in the $108,000s.
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Crypto chart analyst Ali Martinez observed Bitcoin still trading within a narrow range, emphasizing that a daily close outside the $106,900-$108,200 zone could ignite the next major move.
Daan Crypto Trades noted that Bitcoin has been range-bound for two months, sweeping some local highs and lows but maintaining the larger consolidation. Two major liquidity clusters remain intact – Below $92,000 (potential breakdown target) and above $110,000 (bullish breakout target).
These levels continue to define the broader range BTC is trapped within, indicating that a meaningful breakout or breakdown likely requires a move beyond one of these zones.
The Cryptomist identified a symmetrical triangle on Bitcoin’s lower timeframes. A breakout could push BTC toward the $110,000 level, while a breakdown might offer a better buy-the-dip opportunity at lower range support.
Read Next:
Bitcoin Consolidating At $107,000: Here’s What Will Drive The Market In Q3
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