Crypto Market Surges to Record $3.8 Trillion as BTC Hits Fresh High, Altcoins Gain Momentum

Key Takeaways:

*BTC briefly surged past $120,000, while total crypto market cap topped $3.8 trillion, signaling strong investor demand despite a modest pullback.

*The upcoming “Crypto Week” (July 14–18) will see review of the GENIUS and CLARITY Acts in the U.S. House, which may deliver long-awaited regulatory clarity.

Market Summary:

The cryptocurrency market continued its bullish trajectory in the latest session, with Bitcoin (BTC) briefly touching a fresh all-time high above $120,000 before encountering a modest technical retracement. Despite the pullback, broader sentiment remains positive, with total crypto market capitalization surging past $3.8 trillion for the first time—underscoring robust investor appetite across digital assets.

While BTC remains a key driver, its market dominance has started to ease, signaling a rotation of capital toward altcoins. This shift suggests that investors are diversifying beyond Bitcoin in search of higher returns, providing fresh momentum to the broader crypto complex.

The Crypto Fear & Greed Index remains firmly in “Greed” territory, reflecting sustained bullish sentiment and strong buying interest across the board.

Adding to the optimism, the on-going “Crypto Week” from July 14–18 is drawing heightened attention. Two key pieces of legislation—the GENIUS Act and the CLARITY Act—are set to be reviewed in the U.S. House of Representatives. These bills aim to establish clearer regulatory frameworks for digital assets, potentially reducing long-standing uncertainties in the space. Market participants see the proposed legislation as a long-term tailwind for the industry, further fueling the rally in anticipation of regulatory clarity.

With positive momentum building on both technical and fundamental fronts, the crypto market may be poised for further upside in the sessions ahead.

Technical Analysis 

ETH, H4

Ethereum (ETH) extended its rally by more than 15% in the previous session, breaking decisively above the key psychological resistance at the $3,000 mark. The breakout followed a consolidation range, fueling optimism of a sustained bullish reversal. However, ETH now faces a critical hurdle at the $3,080 level—coinciding with the 61.8% Fibonacci retracement zone—which has prompted a pause in momentum and a shift toward sideways price action.

From a technical standpoint, signs of exhaustion are beginning to emerge. The Relative Strength Index (RSI) has started to retreat from overbought territory, while the Moving Average Convergence Divergence (MACD) has formed a bearish crossover above the zero line—a potential early warning of a pullback.

Should Ethereum manage to gather fresh buying interest and break above the $3,080 resistance, it would reinforce the bullish bias and potentially open the door to a test of higher levels. However, near-term caution is warranted, as momentum indicators suggest a corrective move may be on the horizon.

Resistance levels: 3085.00, 3545.85

Support levels: 2760.00, 2435.00