After a day full of Bitcoin price volatility, Bitcoin briefly managed to cross above $94,000 only to pull back down to $91,700 as traders took profits. By the afternoon, it had bounced back up to $93,000, finishing the day with a 0.30% increase at $93,676.84. Through all the ups and downs, Bitcoin’s market dominance grew to 63.4%, an increase from 60.5% this time last month.

The total crypto market add up is $2.94 trillion, a slight up of 0.40% over the last day. Though Bitcoin registered small increases in the last day, action elsewhere was bigger and more remarkable. Stacks (STX) was the biggest gainer, up 14.70% at $0.877. At the same time, Sui (SUI) gained 14.37% to reach $3.32, and Artificial Superintelligence Alliance (FET) increased by 12.86%, raising the price to $0.7016. Ethereum followed suit, declining by 0.94% to end the day at $1,772.67. At the same time, Dogecoin jumped up 2.71% to $0.1823.

According to Data from CryptoQuant, a massive spike in Bitcoin outflows from exchanges is an indicator that market players are moving into a re-accumulation phase.

The 100-day moving average of Bitcoin netflow from exchanges has dropped to its lowest level since February 2023. This essentially indicates the highest Bitcoin outflow from exchanges since that date. - CryptoQuant

Over the past 24 hours, nearly $276 million has been liquidated from the cryptocurrency market. Short position traders were at risk of much larger losses than long position holders. The open leverage in Bitcoin shot up by 18% over the last week.

Bitbull analyst recommends a bullish outlook for Bitcoin, describing two possible scenarios. As Bitbull writes, Bitcoin is at a major crossroads. It would either extend its breakout or undergo a retest before a major rally likely starts in September.

Either way… the path to $120,000+ looks wide open. - Bitbull