Bitcoin at $117K as Trump Media Reveals $2B BTC Holdings Amid Growing Altseason Momentum
Bitcoin is still about $117,000, which shows that it has been quite stable over the previous 24 hours, even if there have been big changes
Quick overview
- Bitcoin remains stable around $117,000 despite significant changes in business use and legal frameworks.
- Trump Media and Technology Group announced a $2 billion investment in Bitcoin and related securities as part of a larger $2.5 billion investment plan.
- Market experts express concerns about Bitcoin's ability to maintain its recent bull run, with technical indicators suggesting potential weakness.
- Bitcoin's market dominance has decreased from 64% to 60%, while altcoins like Solana and Dogecoin have seen significant gains.
Bitcoin BTC/USD is still about $117,000, which shows that it has been quite stable over the previous 24 hours, even if there have been big changes in both business use and legal frameworks. As altcoins rise and the market changes quickly, the world’s biggest cryptocurrency is under more and more pressure.
On Monday, Trump Media and Technology Group, the business that owns Truth Social, said that it now had about $2 billion in “Bitcoin and Bitcoin-related securities.” This huge purchase is part of an investment plan that was revealed in May and is funded by $2.5 billion in total, with $1.5 billion coming from selling stocks and $1 billion coming from convertible senior secured notes.
This news comes at the same time as tremendous progress in the lawmaking process during what Republicans called “crypto week.” The U.S. House of Representatives passed three legislation about cryptocurrencies. On Friday, President Trump signed the GENIUS stablecoin bill into law. At the start of the week, Bitcoin temporarily rose above $120,000, but it has now dropped back to roughly $117,000-$118,000.
BTC/USD Technical Analysis Points to Potential Bull Run Exhaustion
Market experts are becoming more worried that Bitcoin won’t be able to keep up its recent bull run. People are arguing about how strong the current rally is since the cryptocurrency hasn’t been able to reach its recent all-time highs of over $120,000.
Roman, a well-known trader, has found some troubling technical signals on the weekly chart, saying there are “big bear divergences on RSI/MACD and fairly concerning low volume at ATHs.” Both the relative strength index (RSI) and the moving average convergence/divergence (MACD) are exhibiting symptoms of getting tired, which might mean that things are going to get weaker.
Keith Alan, one of the founders of Material Indicators, says that a bigger downturn might actually make Bitcoin’s foundation stronger. A drop down to the $110,000 level, which was Bitcoin’s last all-time high, could be a good way to test support and might even cause money to go back from altcoins to Bitcoin.
Altcoin Season Gains Momentum as Bitcoin Dominance Crumbles
The most important change may be the big change in how the market works. Over the previous week, Bitcoin’s market share has dropped from 64% to 60%, while Ethereum’s has risen from 9.7% to 11.6%. This rotation has led to big gains in other cryptocurrencies. For example, Solana and Dogecoin both saw their values rise by almost 10% in 24 hours.
XRP XRP/USD has reached an important milestone by surpassing McDonald’s market cap. This shows how strong the current altcoin movement is. According to trading company QCP Capital, “altcoin season indexes crossing above 50 across major sources” are the highest levels since December, which confirms the trend.
Alphractal, an analytics company, has found a worrying pattern in the way Bitcoin and altcoins are linked. The correlation value has dropped quickly from close to 1.0 to about zero. This means that altcoins are now moving on their own, separate from Bitcoin. In the past, times with such low correlations have come before “periods of high volatility and mass liquidations.”
Bitcoin Price Prediction and Market Outlook
Bitcoin seems to be at a very important point right now, according to both technical and fundamental analysis. In the next few weeks, the cryptocurrency could go through a number of different situations:
- Bearish Scenario: If Bitcoin can’t get back to $120,000 and keeps displaying signs of tiredness, it looks like it will correct to $110,000. This would test the previous all-time high as support and could cause altcoins to perform even better.
- In a neutral scenario, the price will stay between $115,000 and $120,000 as altcoins lead the market. Bitcoin could profit if people start buying back into the main cryptocurrency.
- In a bullish scenario, a successful retest of the $110,000 support level might confirm the uptrend and lay the ground for another leg up, possibly aiming for $125,000 to $130,000.
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