Bitcoin Shatters Resistance: Bull Rally Charges Toward New Highs
Bitcoin just bulldozed through key resistance levels like a crypto-powered battering ram—leaving skeptics scrambling and traders riding the momentum wave.
The breakout no one saw coming
While Wall Street analysts were busy downgrading tech stocks, BTC staged a silent coup—surging past critical thresholds with the subtlety of a bull in a derivatives shop. Liquidation maps lit up like Christmas trees as shorts got steamrolled.
Institutional FOMO meets retail frenzy
Spot ETF inflows hit record volumes while retail traders—who swore off crypto after the 2022 crash—suddenly remember their 'diamond hands' Twitter bios. Meanwhile, Bitcoin maximalists smugly adjust their 'I told you so' price prediction charts.
The rally defies both macroeconomic headwinds and the SEC's best efforts to regulate through enforcement. Somewhere in Miami, a VC just minted a new NFT collection to celebrate.
As always in crypto: the market moves fastest when you're busy explaining why it shouldn't.
$118,267, the largest cryptocurrency, witnessed a notable upsurge on July 10th, rising from $110,000 to $118,000 in just a single day, opening the doors to a new bull rally. This price spike highlights the cryptocurrency market‘s inherent resilience, standing firm despite geopolitical and economic tensions as well as regulatory pressures. Experts indicate that breaking the long-term bearish channel and the three-day cup-handle formation has set Bitcoin on a path towards $150,000. Maintaining a price above $112,100 is deemed crucial for sustaining the bullish momentum.
ContentsCritical Technical Break for BitcoinAltcoin Rotation: Ethereum, XRP, and solana Lead
Critical Technical Break for Bitcoin
In its recent rise, Bitcoin transformed $112,100 into a crucial support level, while $107,300 emerged as a secondary defense line. The increase in trading volume indicates that long-term investors are choosing accumulation over selling. The record-high S&P 500 and increased global liquidity are further fueling risk appetite, making the uptrend more sustainable.
The confirmed breaking of the channel formation across multiple timeframes not only illustrates buyers gaining control on the chart. The expansion of Bollinger Bands and the movement of the Relative Strength Index (RSI) into the overbought area indicate that the rally could further accelerate.
Altcoin Rotation: Ethereum, XRP, and Solana Lead
Bitcoin’s price surge also triggered an altcoin rotation in the market. The leading altcoin, Ethereum
$3,022, increased by 14% on a weekly basis, surpassing the $3,000 mark, while XRP ROSE 13% to reach $2.60. Solana
$166 experienced a weekly gain of over 8%, reaching $165. Currently, ETH, XRP, and SOL are at the forefront of the altcoin rotation in the market.
According to market experts, XRP’s potential to test $3 and Ethereum’s transition of $3,000 into support might signal a new altcoin season. Despite the continued possibility of sharp volatility in both directions, the weakening dollar index and rising liquidity maintain a positive overall outlook.
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