The cryptocurrency market continues to fluctuate, with Bitcoin maintaining a level above $100K, leading to the strengthening of altcoins. Analysis shows that many altcoins are demonstrating significant growth.
Altcoins Surge Amid Bitcoin Stability
Last week the cryptocurrency markets found themselves at a crossroads. Bitcoin retained strong positions above the psychological level of $100K, after hitting a record value of ~$112K in May. As Bitcoin paused, traders shifted focus to altcoins. Consequently, Bitcoin's market dominance dropped from ~65% to 62%, indicating investors moving towards other cryptocurrencies. For example, Ethereum rose by 47% in May, while Bitcoin added only 9%. This may suggest the start of an informal altcoin season.
Technical Analysis of Major Cryptocurrencies
Bitcoin continues to consolidate around $107K, remaining under significant resistance at ~$110–112K. Technically, it hovers above the 20-day moving average near $106K. Ethereum, on the other hand, closed around $2,500 and faces resistance at $2,650. XRP has recently shown strength, receiving support after a favorable resolution of the SEC lawsuit, trading in the $2.20–2.30 range. Momentum indicators for XRP display improvement, with RSI rising above 50.
Events and Key Levels for the Week
Key events this week include U.S. jobs data, which is expected on Thursday, July 3rd. A strong report may raise concerns that the Fed will remain hawkish, affecting risk assets, including cryptocurrency. The upcoming holiday on July 4th may lead to thinner liquidity, resulting in volatility. Traders should monitor key levels for Bitcoin ($108K), Ethereum ($2.5K), and other altcoins.
This week, the cryptocurrency market stands on the brink of a potential altcoin surge. Investors should closely monitor macroeconomic signals and technical levels to leverage potential opportunities.
