Up Up and Away: Bitcoin Soars, Altcoins Catch Fire

The time that many have been waiting for has finally arrived: Bitcoin’s breakout to all-time highs and continuing, with altcoins flashing green across the board. Everyone who has been patient is now beginning to reap the rewards of their discipline and smart choices to accumulate during market corrections.

Bitcoin was up over 4% yesterday and has cleared every previous resistance in its history. It’s in blue sky, price discovery territory. The momentum and structure remain extremely strong, sentiment is rising and now sits at 71.We are likely witnessing the start of the blow-off top phase of this bull market — the phase where you could almost throw a dart at a board and pick a winner. We’re seeing this play out across the altcoin space. Bitcoin has been rallying but altcoins are outperforming, which is a clear signal of altseason, especially when the leading major altcoin is Ethereum.

Bitcoin dominance is falling, Ethereum is outperforming Bitcoin, and the wider altcoin market is breaking out — more signs of an altseason. Unlike Bitcoin, though, the majority of altcoins remain well below their all-time highs, which means they still have resistance hurdles to clear while Bitcoin floats in blue sky territory. This IS NOT a sign to rotate out of Bitcoin and into altcoins, but it could be an opportunity to pick up quality altcoins that have underperformed so far this cycle, as they’ll likely play catch-up.

For anyone thinking it’s too late or that Bitcoin is too expensive now, hoping for a deeper pullback could be risky. When the market is this strong, deeper corrections are rare. Instead, we tend to see sharp and shallow pullbacks that get bought up quickly, pushing prices even higher. Often, those waiting for a pullback end up buying back in at higher levels than if they had just simply bought. The risk-reward of trying to time the perfect pullback in this environment usually doesn’t stack up.

And just remember: retail buying still isn’t really back yet.

Stormrake Spotlight: Hyperliquid (HYPE) ($43.61)

HYPE smashed through its resistance zone on the back of strong bullish momentum, rallying nearly 8% yesterday. It’s one of the few altcoins close to its all-time high. After breaking through a level that capped it for over a month, the next breakout target sits at $46 over the coming days.

BTC/USD Key Levels and Price Action:

We’re going up, up and away. Bitcoin has no prior resistance and the bullish momentum and structure remain very strong. Any pullback or consolidation finds major support at the 21 EMA and gets bought up quickly, with bulls driving price higher. The current target, which should be no issue to reach within the next few days, sits at $117.6k.

BTC Total ETF Flows for 10 Jul: + 727.1 million

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

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