Altcoin Season Incoming?

Happy Friday!

The crypto market has continued down the path of consolidation this past week, despite starting off with encouraging volatility.

Bitcoin attempted to break above its $111,900 all-time high but failed sometime during mid-week. So far, sentiment is cautious, with mixed signals from both retail and institutional investors.

Bitcoin is now trading at around $104,113.54 and is down by around 5.68% from its 7-day all-time high of $110,388.18.

All of the above highs and lows indicate that investors are in a re-evaluation phase, which will be important for whatever comes next.

Crypto Market Summary

• Bitcoin has pulled back from its recent highs and is currently trading around $104,113.54. This stands as a weekly decline of roughly 5.68% from its 7-day high.

• Market sentiment, according to the Crypto Fear and Greed Index, is now "Neutral" at 54/100. This is up slightly from "Neutral" at 46/100 last week but still well below "Greed" levels from a month ago.

• Bitcoin's market dominance is still strong, and the market is solidly in a "Bitcoin Season," according to the Altcoin Season Index.

• Most altcoins have seen mixed performance over the past week. Ethereum is trading around $2,793.76 (up about 7.24%), Solana near $144.98 (down about 1.6%), BNB at $672.70 (up about 0.42%), Dogecoin at $0.174 (down about 1.07%), and XRP at $2.27 (up about 1.78%).

• Bitcoin ETF flows have been mixed this week, with inflows being stronger earlier in the week before plummeting towards the weekend.

General Market Overview

The total crypto market cap currently stands at around $3.25 trillion, after crashing by around 5.26% between Wednesday and Friday alone.

Analysts continue to eye major support and resistance levels for Bitcoin, with the $100,000-$102,000 range standing as the most important area to watch.

Still, despite the decline between $111,000 and $104,000, the market is in a consolidation rather than a full-blown bearish trend.

In terms of market sentiment, the Altcoin Season Index shows a reading of 27/100, which indicates that even despite the declines, Bitcoin is still in charge and is outperforming most altcoins over the past 90 days.

Over the last week, Tether's USDT market cap has reached a new high of around $155.10 billion in a show of continued demand for stablecoins.

During the week, President Donald Trump announced that a finalized trade deal between the US and China is now a “done deal.” However, this development has done little to ease investors’ fears.

Argentina’s President Javier Milei was cleared of all charges in the infamous LIBRA scandal from February, and Strategy’s Michael Saylor believes that the crypto market is unlikely to see another winter soon.

A US company is planning a $500 million investment into popular AI token $FET, and the following week is likely to be turbulent, considering the recent reports of Israeli airstrikes on Iran.

Overall, the market has been cautious so far, with investors keeping an eye on major price levels.

The coming week is likely to see a continued price discovery phase as the market digests what’s been going on so far.

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Market Watch

Solana to Break $600? Here’s the Timeline Analysts Are Watching

• Crypto analyst Master Ananda predicts Solana could reach $620, and even $1,020, in the coming months.

• Despite a recent 24% correction, Solana's RSI still shows signs of an incoming bullish recovery.

• Fibonacci extension levels indicate price targets for SOL at $420, $620, and $1,021.

• A confirmed higher low on Solana's chart could initiate a rally towards $620 by January 2026.

• Incoming Solana ETF approvals in 2025 could inject capital and drive more institutional adoption for the cryptocurrency.

Here’s When The Altcoin Season Will Officially Begin, Analyst Says

• Michael van de Poppe says that an altcoin season could be inbound after being stagnant for so long.

• Bitcoin's current high dominance indicates that a capital rotation into the altcoins is historically due.

• Altcoins have mostly underperformed compared to Bitcoin since late 2021 and have endured a harsh consolidation phase.

• Macroeconomic factors like central bank uncertainty and inflation fears are currently making investors more risk averse.

• Van de Poppe sees the ongoing consolidation as an "accumulation phase" for altcoins.

Bitcoin Could Miss Its Next ATH, Say Bitfinex Analysts

• Bitfinex analysts are warning that Bitcoin currently lacks strong bullish momentum despite trading near its all-time high.

• The decisions of long-term Bitcoin holders to sell or hold will be important in what happens next.

• The risk of a short-term Bitcoin price correction is increasing due to the absence of a clear catalyst.

• If Bitcoin establishes a sustained break above the $112,000 resistance level, a short squeeze could come into play and drive Bitcoin higher.

• Investors should be aware of both upside promise and downside risks.

News and Insights

$4B LIBRA Memecoin Scandal: Argentina President Milei Found Innocent, But Legal Battle Isn’t Over

• Argentina's Anti-Corruption Office has officially absolved President Javier Milei in the LIBRA memecoin scandal.

• The LIBRA token rocketed to a $4 billion market cap after Milei's endorsement before plummeting by 94%.

• The Anti-Corruption Office stated that Milei's X account is personal and is therefore not an official government platform.

• Critics, including opposition lawmakers, are still unconvinced by the clearance and are alleging a cover-up.

• International legal action is still running hot, and the drama is far from over.

Altcoin Season in July? Bloomberg Says This Could Be the Ultimate Trigger

• Bloomberg ETF analysts are expecting SEC approval for several altcoin ETFs, starting as early as July.

• This ETF boom is likely to usher in strong bullish moves for the entire month.

• Crypto index ETFs, which offer diversified exposure to top cryptos, have a 90% chance of SEC approval by July 2.

• Solana is a popular contender for this action, and the SEC is already discussing its staking integration.

• Ethereum staking ETFs are expected to follow and allow crypto ETFs to offer yield-bearing investment opportunities.

• While a memecoin ETF is a slightly more difficult possibility, there is strong optimism that it will eventually emerge by 2026.

Trump Declares Trade Win With China: More Upside for Crypto?

• President Donald Trump announced a "done" US-China trade deal, which is now pending final approval from President Xi Jinping.

• Bitcoin's initially jumped earlier in the week but has declined again over concerns about high tariffs.

• The announced trade agreement includes a 55% tariff on Chinese goods, which is much higher than previously discussed rates.

• There are ongoing fears that these tariffs could negatively affect the US economy, despite the trade deal.

• Bitcoin is still strong at its technical support above $100,000 but could face resistance between $111,000 and $120,000.

Video of the Week

Is the U.S. Quietly Loading Up on Bitcoin?

A deep dive into how the U.S. might acquire more Bitcoin—through gold revaluation and other bold strategies being discussed in Washington.

• Howard Lutnick and others suggest using external revenue to fund Bitcoin buys.

• The Bitcoin Act of 2025 proposes revaluing U.S. gold certificates (from $43/oz to around $3,100/oz).

• Revaluation could unlock billions in capital to purchase Bitcoin for national reserves.

• Other creative funding options include tariffs, interagency initiatives, and more.

• “Everything’s on the table”—officials are exploring all avenues to increase BTC holdings.

That's a wrap for today!

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