Altcoin Momentum Builds While Bitcoin Holds the Line

Bitcoin remains in a lull since reaching its all-time high last week, consolidating between $116K and $120K. This has given altcoins the space to shine, with Ethereum holding dominance through an eight-day green streak, though it's now battling to keep that streak alive. Over the last 24 hours, the spotlight has shifted to Solana, which is up over 8% on the day, its biggest move in nearly a month and leading the broader market.

Ethereum's underlying strength continues to build. Institutional backing is ramping up, with Ethereum ETFs seeing more than $3.1 billion in inflows in a single day. Adding to the bullish sentiment, new SEC Chair Paul Atkins has stated that “ETH is not a security.” That’s a significant shift, especially following the regulatory ambiguity under Gensler. While price action has cooled slightly in the past 24 hours, the trend remains intact. A move back above $4,000 seems likely in the coming weeks, with potential for a retest of all-time highs to follow.

In a headline-making move, Trump Media & Technology Group has confirmed it has added Bitcoin to its books, buying $2 billion worth overnight. The market responded swiftly, sending Trump Media stock up more than 6% on the news.

Elsewhere, the Fed finds itself under growing scrutiny. Treasury Secretary Bessent has called for a review of the entire Federal Reserve, while Congresswoman Anna Paulina Luna has filed a criminal referral against Jerome Powell with the DOJ. Powell is scheduled to speak tonight, and markets will be watching closely for any signals on rate cuts or responses to the mounting political pressure.

Stormrake Spotlight: Hedera (HBAR) ($0.272)

A new addition to the Stormrake Spotlight, Hedera (HBAR) has been a standout among ISO 20022 coins since November. Like many ISO-aligned tokens, HBAR hasn’t hit a new all-time high since 2021, but its structure suggests it's setting up for a breakout this cycle. November was a phenomenal month for HBAR, rallying over 250% and marking a key turning point for the token. July has been strong so far, up 82% month-to-date. HBAR remains 110% below its all-time high, but if ISO tokens maintain momentum, and if HBAR holds its bullish structure, we could see a retest of the all time high towards the end of the year.

BTC/USD Key Levels and Price Action:

Bitcoin remains locked in a tight range between $116K and $120K. Price action, momentum, and structure are all neutral. Bulls continue to defend the $116K level, which has now been tested for the third time in four days. Bears, meanwhile, are successfully rejecting any attempt to reclaim $120K. Until price breaks out decisively in either direction, the range remains intact and BTC stays neutral.

BTC Total ETF Flows for 21 Jul: $ - 36.7 million

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

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