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Bitcoin hovers near key breakout zone as XLM, RAY rally double digits

2025-07-09 18:12:46

Main Idea

Bitcoin is trading near a key resistance level around $110K, with market forces and macroeconomic factors influencing its price, while altcoins like XLM and RAY show significant gains due to project-specific developments.

Key Points

1. Bitcoin traded in a tight range between $107,475 and $110,307, facing resistance near $110K due to sell pressure and leveraged liquidations.

2. Market sentiment remains in the greed zone, with expectations of a Federal Reserve rate cut and the proposed Big Beautiful Bill supporting long positioning.

3. Analysts suggest Bitcoin could break out if it closes above $110K or if the 3-day RSI surpasses 70, with potential targets up to $130K.

4. Altcoins like Stellar (XLM) and Raydium (RAY) rallied double digits, driven by tech upgrades and increased meme coin activity on the Solana network.

5. Ethereum and other major altcoins posted modest gains, with the Altcoin Season Index rising slightly, indicating growing interest in altcoins.

Description

Bitcoin remained rangebound as bulls sought to hold the flagship cryptocurrency above the $109,000 mark. The broader digital asset market advanced in tandem, with total crypto market capitalisation up approximately 1.5% to $3.46 trillion by late Asian trading hours on Wednesday. Despite Bitcoin trading less than 3% below its all-time high, repeated failures to breach $110,000 have tempered short-term optimism. Still, sentiment remains firmly in the greed zone, with the Crypto Fear & Greed Index ...

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Tags:
Altcoins Crypto Bitcoin Ethereum Raydium Stellar USA
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