Today, trading volumes have significantly weakened, suggesting market stagnation. While the common adage of “sell in May and go away” could partly explain the situation, investors appear to have taken a break without selling, leading to notably low trading volumes in the exchanges. Despite a tenacious demand through the ETF channel, substantial increases in altcoins would require enhanced trading volumes across exchanges. The question thus remains: what are the data telling us?
Is Bitcoin on the Verge of a Rise?
Data often provides insights into potential movements within cryptocurrencies; however, price triggers and on-chain alerts collectively bring about volatility, setting the course for the market. Today, Kyle mentioned the lack of momentum, questioning whether we might be entering a period akin to the one experienced at the end of last year. His observations pointed towards a weak underlying momentum, with speculators remaining quiet.
“Unlike the gains seen in the second and fourth quarters of 2024, Bitcoin’s rise to $111,000 occurred without a genuine increase in spot trading volume. Current daily volumes are just $7.7 billion, a far cry from previous bull peaks. The lesson? Momentum is weak; speculators are silent. This looks less like a breakout and more like a pause. Consolidation isn’t over yet.”
For Kyle to be proven wrong, uncertainties related to tariffs need to be significantly reduced by early July.
Altcoins, ETH, and LINK Predictions
As Bitcoin 
$77,690 erases its gains, altcoins are experiencing small setbacks, albeit without major declines. With the U.S. celebrating the Fourth of July, markets will see half-day trading on July 3rd. If former President Trump is planning bold moves, he might do so early on Thursday or Wednesday. Considering past actions with Canada, one can’t predict, as anything is possible with Trump.
DaanCrypto, in his assessment of altcoins, shared the TOTAL chart with this insight:
“While the Total Altcoin Market Cap has held its local support, it shows no clear trend. Technically, a higher low than the one set in April might have formed last week. However, for a genuine long-term continuation, breaking local peaks above ~950 billion dollars is essential. Once broken, targeting cycle peaks becomes feasible.”
Waleed has set targets for LINK Coin at $17.96, $22, and subsequently $23.39.
Due to a Wyckoff setup, Mister Crypto suggested that ETH might be embarking on a journey towards its ATH.
