Bitcoin bulls ‘have work to do’ after XRP price surges 104%

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Bitcoin (BTC) consolidated near $31,000 on July 14 after a classic short compression triggered new yearly highs.

BTC/USD 1-day chart. Source: TradingViewBTC Liquidates $50M Shorts in New Squeeze

Data from Cointelegraph Markets Pro and TradingView showed BTC price moves returning to cement support after rapid gains the previous day.

Already tipped for a higher trip, Bitcoin reacted instantly to the news that a US judge had upheld the idea that the altcoin XRP (XRP) was not a security.

This was taken by markets as a blow to regulator the Securities and Exchange Commission (SEC), which in recent months had sought to label altcoins as securities en masse.

XRP/USD immediately rose over 100%, almost touching the $1 mark before recovering to near $0.80 at the time of writing. The last time such levels were part of the chart was in April 2022.

XRP/USD 1 week chart. Source: Trading View

Bitcoin, while considerably quieter, still managed to liquidate $50 million in shorts, according to data from monitoring resource CoinGlass.

BTC/USD liquidation chart (screenshot). Source: CoinGlass

While Cointelegraph reported that the bears could still gain the upper hand around the weekly options expiry, traders were cautiously bullish on the day.

Bitcoin failed to breakout overnight and could fall back into the range here, popular trader Jelle wrote in his latest social media update.

I’m waiting to see how this 4h candle turns out, but the bulls have some work to do. A little push, and we can have a lot of fun this weekend.

Fellow Crypto trader Tony expressed frustration at the lack of a clean break from Bitcoin’s long-established trading range.

Rejecting from the high range, so no entry for us yet on Bitcoin.

BTC/USD annotated chart. Source: Crypto Tony/TwitterAltcoins must now be “mega-run”

XRP staging a comeback in the meantime formed the backdrop for a sharp drop in Bitcoin’s market cap dominance.

Bitcoin market cap dominance chart. Source: Trading View

Related: Will Bitcoin Catch Up? BTC price was $40,000 as the dollar was previously this weak

The biggest cryptocurrency previously made up nearly 52% of the total, falling below 50% overnight to hit a nearly month-long low.

Traders had previously hoped Bitcoin would cool its growing mainstream presence to allow altcoin markets to make their own gains amid a broader crypto bull market.

Good things come to those who wait, trader Mustache summed up that day, predicting that the altcoin boom would continue.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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