Huge Breakout: Bitcoin $117K ATH! Ethereum and Altcoins to follow?
From Bitcoin Blue Sky to $ETH Season: Trends and Tech Shaping the Rally
Crypto Sentiment Soars as Bitcoin Breaks Into Blue Sky Territory
The sentiment around Bitcoin and the entire crypto market has shifted dramatically today, July 10. For the first week of July, Bitcoin was consolidating near its all-time highs, ranging between $108,000 and $110,000, with relatively little buzz. But the moment it broke above $112,000, BTC blasted to a new record all time high, surging to almost touch $117,000, and Bitcoin entered “blue sky” territory once again. This is when an asset has no price ceiling, there is no limit to how fast it can climb. The sky is the limit. Things like this $5,000 dollar hourly candle happen easily. I wouldn’t be surprised to see a $10,000 BTC candle in the near future if we remain in Blue Sky.
Both the S&P 500 and Bitcoin hit new all-time highs on July 10, showing that appetite for risk is high. Many traders who were focused on the stock market as it broke records in early July are likely to rotate back into crypto now that Bitcoin is making new highs and Ethereum is pushing toward $3,000, heating up altcoins which have already started to move, with strong gains across the board. More on this in the Market Analysis section below.
What Comes Next: Volatility, Altcoin Moves, and Key Themes
We can expect some volatility as excited traders turn on leverage, and the market does what it always does, which is liquidate them. But historically, in blue sky territory, dips are often buying opportunities. As covered in the market analysis below, Bitcoin and Ethereum are bullish across all timeframes, daily, weekly, and intraday! and smart money is positioned in. If Bitcoin can consolidate at these new highs, and Ethereum holds its breakout, it creates room for major altcoins to climb.
This week, I also explored several big trends. I looked at a new high frequency trading (HFT) platform, Dogecoin’s push to expanding its blockchain to an app layer for NFTs, dApps and DEX’s, and the rise of portfolio automation. I also covered the growth of DePIN networks, decentralized physical infrastructure, that connects millions of edge devices like phones to blockchain networks, giving people a way to contribute and earn.
Stay tuned for all this and more, plus my detailed look at the next price targets for Bitcoin and Ethereum below.
High-Frequency Trading and Institutions on Solana: Fogo
Firstly, I spoke to Fogo, a Layer 1 blockchain built on the Solana Virtual Machine, which is focused on high-frequency trading. HFT is huge in traditional finance, and with growing institutional interest in Bitcoin, Ethereum, and Solana, more traders want to bring HFT on-chain for instant settlement and speed. I spoke with Doug Colkitt, the initial contributor to Fogo, about the launch of the high-frequency trading platform, why Solana is the best ecosystem for HFT, and how fast institutional adoption could happen. Check out our video interview together below.
The App Layer for Dogecoin $DOGE: DogeOS
Secondly, I spoke with DogeOS, the app layer for Dogecoin. Dogecoin has been a major blockchain since before Ethereum even existed, and most people don’t know it’s actually a very strong blockchain fundamentally for payments, low transaction costs, and transaction finality. I spoke with Jordan Jefferson, the co-founder and CEO of DogeOS, who’s building the app layer for Dogecoin, enabling NFTs, dApps, DEXs, and a variety of other applications. Jordan also built MyDoge, the number one Dogecoin wallet, and has been in the Dogecoin and Bitcoin space since 2011. If you’re interested in Dogecoin and where it’s heading, I highly recommend watching this.
One-Click Portfolio Automation: Glider App
Next, I spoke with Glider, a portfolio automation company. Glider is reinventing trading as a one click solution. Although their platform is non-custodial, they never have access to your funds. You’re able to readjust an entire portfolio into, for example, an index of the top 25 coins or the top 10 coins on Ethereum with one click, and have your portfolio rebalanced without even confirming transactions in an external wallet, and with NO gas fees (Glider is paying them for you). This is a revolution in trading, and as automation and account abstraction become more popular, this is likely how people will manage their portfolios without even needing to understand the underlying blockchain confirmations and tech. Glider is in an incentivized testnet right now, and I highly recommend checking it out and watching our video.
XYO Network: Scaling DePIN with XL1 Layer 1
Finally, I spoke with XYO Network, the leading DePIN network with over 10 million nodes focused on bringing real-world data on-chain. XYO has been in DePIN since 2018, before it was even called DePIN, and I’ve had them on the show three or four times over the past seven years. Now, they’ve had so much success that they’re launching a Layer 1 chain called XL1 to keep up with demand. I spoke with the co-founder, Markus Levin, about how to get involved in the COIN app to earn from their DePIN network, and about the timelines for the launch of the XL1 Layer 1 chain.
Market Analysis:
BTC-USDT 12H Analysis (With EngineeringRobo Algorithms)
Bitcoin just hit a new all-time high with a massive $5,000 hourly candle from $111K to over $116K. While we are looking at the 12H chart, all major timeframes are showing a bullish bias. RSI is overbought, but often Bitcoin can keep going, especially in Blue Sky, or have pullbacks that are quickly bought, simply to liquidate leveraged longs.
When BTC is in blue sky breakout mode, there is no ceiling. The next psychological target is $120K, and if momentum holds, $130K is likely on the table. Even in July.
That said, with over $500M in shorts already liquidated, the market could soon flip to squeeze overleveraged longs. Any healthy pullback to build support would likely retest the previous all-time high around $111K.
If BTC can hold above the $115K-$116K zone, expect continuation higher, but watch for potential sharp wicks as the market hunts liquidity.
Key BTC levels:
Support: $111K (prior ATH)
Resistance: $120K first, expect volatility, and then $130K psychological targets if 120k holds.
In short: trend is up, momentum is strong, but be ready for short-term volatility as the market clears out leverage both ways.
ETH-USDT 12H Analysis (With EngineeringRobo Algorithms)
Ethereum just broke out of a long-standing ascending triangle and is finally looking stronger than it has in last weeks newsletter, outperforming BTC on recent moves, which means the ETH/BTC pair is rising too. With Crypto Twitter buzzing and Arthur Hayes reiterating his $10,000 ETH call on X yesterday, bullish sentiment is clearly heating up.
Near term, $ETH needs to hold above $3,000 to confirm this breakout, it is close to that level and 3k is the current resistance. The next upside levels are $3,400 and $4,000. If Bitcoin stays strong or consolidates above its prior ATH, $ETH has room to push higher.
However, if BTC dips back to test its $111K level, expect ETH to retest the old triangle breakout near $2,700 and possibly wick into the $2,550 range to liquidate leveraged longs.
Altcoins are already showing strength with some like PENGU, WorldCoin, SEI, BONK, and even Fartcoin seeing 10-15% moves up in 24 hours. If ETH continues to lead and stays above breakout support, altseason momentum could pick up fast.
Key ETH levels:
Support levels if ETH breaks down: $2,700, $2,550 wicks possible
Hold above: $3,000 new support floor
Future targets: $3,400 then $4,000
Other Crypto News:
Over $165 billion added to crypto market cap in a day
Over $415 million worth of BTC shorts liquidated during price boom
Total spot Bitcoin ETF volume surpasses $4 billion in a day
Michael Saylor’s company now holds $24 billion in unrealized Bitcoin profit
Tesla’s unrealized BTC profit now $756 million
Bhutan government moves $23 million in Bitcoin to Binance
Robinhood launches ETH and SOL staking in the US
Coinbase partners with Perplexity AI for real-time crypto data
El Salvador’s Bitcoin reserve shows $400 million in unrealized profit
Fed Board Member says rate cuts could come this month
Senator Cynthia Lummis calls for Fed Chair Jerome Powell to resign
S&P 500 closes at new all-time high of 6,280. S&P and BTC BOTH!
Nvidia launching new AI chip specifically for China
Elon Musk’s xAI launches Grok 4
OpenAI launching AI-powered web browser to compete with Chrome
That’s all for this week! Blue Sky and to the moon!
Thanks for reading!
-Ashton Addison, CEO of Crypto Coin Show