Bitcoin bulls are facing challenges despite the cryptocurrency reaching new yearly highs. Traders argue that Bitcoin’s price performance needs to prove itself with a breakout from its current range. On July 14, Bitcoin consolidated near $31,000 following a short squeeze that led to new yearly highs. Meanwhile, XRP experienced a significant spike of over 100% after a United States judge ruled in favor of XRP not being classified as a security. This decision was seen as a blow to the Securities and Exchange Commission (SEC), which had been seeking to label altcoins as securities.
Bitcoin managed to liquidate $50 million of shorts, but its breakout potential remains uncertain. Traders expressed cautious optimism, waiting for signals on how the market would react. Popular trader Jelle stated that Bitcoin failed to break out overnight and might be falling back into its range. He emphasized that bulls have work to do but hoped for positive movement. Another trader, Crypto Tony, expressed frustration at the lack of a clear breakout and highlighted the need for a strong flip before entering the market.
The dominance of Bitcoin’s market cap faced a decline, dropping below 50% overnight to reach one-month lows. Traders had been anticipating such a shift to allow altcoin markets to make gains of their own within the broader crypto bull market. Expectations were high for an altcoin boom, with traders predicting a “mega-run” for altcoins in the near future.
Despite these developments, readers are advised that this article does not provide investment advice or recommendations. All investment decisions involve risks, and individuals should conduct their own research before making any investment or trading moves.