Cryptocurrencies are up on Monday, despite Bitcoin retracing a spike above $122,000 back to $120,000.

Notable Statistics:

• IntoTheBlock data shows Bitcoin and Ethereum large transaction increased by 5% and dropped 25.7%, respectively. Daily active addresses dipped 16.6% and grew 4.2%, respectively.
• Coinglass data shows 129,708 traders were liquidated in the past 24 hours for $466.06 million. 
• The top gainers in the last 24 hours include Pump. Fun PUMP/USD, Lido DAO LDO/USD and Uniswap UNI/USD.

Notable Developments:

Trader Notes: Altcoin Sherpa noted Bitcoin recently hit $122,000 but is now pulling back. He expects a possible bounce near $117,000, which coincides with a CME gap, though it’s unclear if that will mark the local bottom.

Michael van de Poppe highlighted a bearish daily candle forming after Bitcoin grabbed liquidity near the range high resistance. He suggests a dip toward $116,800 may occur before the uptrend resumes.

Jelle sees Bitcoin gearing up for a move toward $130,000, citing a “power of three” setup in play.

Crypto Seth pointed out the Bitcoin CME gap is nearly filled, expressing a preference for it to close sooner rather than later.

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