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Bitcoin hovered near $117,000 early Monday as traders anticipated a potential breakout to the upside.
Ethereum extended its recent rally, crossing $3,700 and briefly touching an intraday high above $3,800.
The overall cryptocurrency market capitalisation increased by 0.15% to approximately $3.88 trillion, with most of the top 10 digital assets by market value trading in positive territory.
Bitcoin eyes $120K break
Bitcoin was down around 1% in the past 24 hours to trade at around $117,000 on Monday.
The recent slump in Bitcoin comes as it created new highs just last week.
Since then, the major crypto has seen some correction. Over the last seven days, the BTC price is down around 2%.
However, popular trader Marcus Corvinus told his X followers that “BTC is getting ready for a big move.”
$BTC is getting ready for a big move Bitcoin is moving inside a triangle pattern and staying above strong support around $116,000 to $117,000. Right now, it’s going sideways but not for long. What’s happening: Price is stuck under a red trendline (downward pressure). Buyers
Sharing a chart highlighting a key trend line, Corvinus said that a breakout could send BTC/USDT to $125,000.
“If it breaks below support, price may fall to $111,000 or lower,” he added.
Analyst Ali Martinez, meanwhile, noted that sentiment among traders remained bearish, pointing out in a separate post that over 54% of market participants were currently shorting Bitcoin.
54% of Binance Futures traders are shorting Bitcoin $BTC!
Ethereum targets a breakout above $3,000
Ethereum (ETH) has surpassed the pivotal $3,800 threshold on Sunday.
This was the first time the coin had broken $3,800 since December last year.
At the time of writing, the top altcoin is trading over 2% higher at $3,722.
In the past month, the coin has surged over 50%.
Several publicly traded companies have recently begun launching Ethereum treasuries in a bid to boost shareholders’ ETH per share.
The trend comes amid surging demand for US spot ETH exchange-traded funds, which are on pace to register their strongest weekly inflows on record.
On Friday alone, ETH ETFs attracted $402 million, outpacing flows into their Bitcoin counterparts.
Total inflows for last week reached $2.1 billion, more than double the previous weekly record of $854.85 million.
Top crypto gainers on Monday
Among the top performers in the crypto market, Conflux (CFX) stood out with a staggering 103.82% gain over the past 24 hours, far outpacing other digital assets.
The massive move today comes as Conflux has partnered with AnchorX, Dongxin, and Ping An to launch a Shanghai government-backed offshore RMB stablecoin pilot, set to go live on July 20.
Ethena (ENA) also posted strong gains, rising 12.11%, followed by JasmyCoin (JASMY) and dogwifhat (WIF), which advanced 9.47% and 9.30%, respectively.
Lido DAO (LDO) added 8.32%, while Celestia (TIA) climbed 7.68%.
Pyth Network (PYTH) saw a 7.09% increase, and larger-cap names like Dogecoin (DOGE) and Tezos (XTZ) posted more modest gains of 5.74% and 5.28%, respectively, rounding out the list of notable movers.
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