Daily News || Crypto Market Heats Up: BTC Nears $118k, ETH Targets $6k as Altcoins Ignite
Weekend setup looks explosive as Bitcoin eyes higher highs and alt season signals flash green
🪙 Crypto Market
Bitcoin pushed above $116,000 and is holding gains into the weekend, raising the stakes for a possible test of $117.7k–$118k. Clearing that level could open the door toward new all-time highs (ATHs), while a rejection risks a pullback into the low $113k zone where liquidation clusters remain.
ETF flows remain supportive, with both BTC and ETH seeing solid institutional demand. Ethereum is showing particular strength—its breakout above a long-running consolidation structure suggests upside potential toward $6,000 in the near term.
Crowd vs. Market Makers
On-chain positioning shows retail sentiment has turned decidedly bearish, with many expecting Bitcoin to drop below $100k and Ethereum under $3,500. Historically, such crowd pessimism has often marked the opposite—fuel for squeezes higher as larger players fade the retail bias.
Key Charts Driving the Setup
Total Crypto Market Cap ex-BTC: Broke out of its range, with ETH leading the charge. This supports a broad-based move rather than a BTC-only rally.
Total Crypto Market Cap ex-BTC & ETH (“Total 3”): On the verge of breakout—often the signal for full-scale alt season when confirmed.
USDT Dominance: Breaking down hard, a key inverse driver for crypto rallies. Larger timeframe patterns suggest this is only the beginning of a much deeper decline, which aligns with further upside for both BTC and alts.
Wyckoff Pattern Context: BTC continues to trace the path of a late-stage reaccumulation structure. That implies sharp drives higher with shallower pullbacks before ATHs.
Risks & Shakeouts
While the broader trend is bullish, liquidation maps highlight possible downside spikes toward $113k if profit-taking or stop hunts occur. Traders also note psychological profit-taking zones every $10k increment—meaning some longs from the $107–108k entry range may book profits into the $117–118k area.
Still, the preferred scenario for bulls is a clean breakout toward $120.6k, followed by a controlled retest around $117.7k, before new highs unfold.
📌 Key Takeaways
BTC above $116k: Eyes on $117.7k–$118k for breakout confirmation.
ETH strength: Clear path toward $6,000 as megaphone breakout gains traction.
Alt season signals: Total 3 chart close to breakout, stablecoin dominance breaking down.
Retail vs. smart money: Crowd bearishness contrasts with bullish positioning from larger players.
Risk zones: Profit-taking near $118k and liquidation clusters around $113k could add volatility.
🎯 Strategy Snapshot (levels only, not advice)
Short-term bias: Long from $115k, targeting $140k; volatility likely this weekend.
Medium-term bias: Weekly close above $120k would confirm new ATH momentum.
Long-term bias: Cycle structure still projects toward $230k if intact; key support remains $72k.
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