Bitcoin fails to break $110k, Ethereum high on rally

Bitcoin (BTC-USD) pulled back in the global cryptocurrency market amidst a fresh attempt to break $110,000 resistance on Wednesday. Retail investors sideways trading activities have continued to fuel price fluctuations across crypto exchanges. Data showed that Bitcoin was trading in the $109,000 range on Wednesday with a mild pullback below the current price level in the last 24 hours. In a surprise turn of events, Ethereum (ETH-USD) has finally pushed above the critical $2,600 level after weeks of range-bound trading, marking a potential turning point in its price structure. Analysts see the breakout coming at the back of fresh bargain hunting. Ethereum is now preparing for a possible expansion toward the $2,800 resistance level—a zone that has repeatedly rejected upward attempts since early May.
Public companies like SharpLink added 205,634 ETH-USD worth more than $64 million to balance sheets this week, outpacing Ethereum’s issuance rate by 3.5:1. This mirrors MicroStrategy’s Bitcoin strategy, framing ETH-USD as a yield-bearing treasury asset. Sustained buying interest reduces liquid supply while validating Ethereum’s store-of-value narrative. Up by 0.76% on the day, Bitcoin is still holding around $109,000, and Ethereum is trading slightly above $2,650, up 3.63% in the crypto market.
XRPUSD has surged more than 11.75% over the past week, climbing from $2.15 to $2.40 following Ripple’s partnership with America’s oldest bank, BNY Mellon. On July 1, Ripple appointed BNY Mellon as the primary custodian of its stablecoin, Ripple USD (RLUSD). The crypto market rose 1.19% over the last 24 hours, extending its 7-day gain to +4.25%. Positive institutional flows and Ethereum ecosystem developments offset GMX hack concerns. Total crypto market cap broke above the 23.6% Fibonacci retracement, totaling $3.38 trillion on Wednesday, with the MACD histogram at +$9.86 billion—the widest bullish divergence since June. This suggests that bulls target the 38.2% Fib ($3.33 trillion), but leverage remains risky with open interest at $825 billion.