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To fit much of the theme this month: more consolidation. We're now 15 days into a range-bound market following the all-time high set in mid-July. There was another push toward $120K overnight, but once again the bears held the line, sending Bitcoin back to the middle of the range.
Bitcoin dropped just over 1%, wiping out the gains made on Sunday. But it was altcoins that really took the hit over the past 24 hours. The broader altcoin market cap fell over 2.5%, with red across the board.
Ethereum saw an intraday high above $3,900, the first time it's traded above that level since last December, but it failed to hold, closing the day in the red and back below $3,800. Other majors also pulled back: Solana, Ripple, and BNB each lost around 3%. Sui was the standout laggard, dropping nearly 10% and underperforming most of the market.
One altcoin bucked the trend: Hyperliquid. Not only did it close in the green while 99% of the market turned red, it remains relatively close to its all-time high. Definitely one to watch if Bitcoin breaks out from the top of the range.
While the bears have successfully defended $120K for now, the broader structure still favors the bulls. A breakout toward new highs remains on the table.
Stormrake Spotlight: Hedera (HBAR) ($0.267)
Stormrake Spotlight: Hedera (HBAR) ($0.267)
