Post-Breakout Blues? BTC Stalls at $120K While ETH Rallies and TON Keeps Climbing

by
Victoria d’Este

Printed: July 21, 2025 at 10:36 am Up to date: July 21, 2025 at 10:36 am

by Ana

Edited and fact-checked:
July 21, 2025 at 10:36 am

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Bitcoin (BTC)

As you could bear in mind, final week Bitcoin hit a contemporary all-time excessive – 120K – and now, every week down the road, it’s simply form of pacing in circles. Worth-wise, BTC’s been doing laps between ~$115K and ~$122K, at present hanging round $119,500. That breakout feeling is clearly pale. It’s appearing like somebody who climbed Everest, took a selfie on the high, and is now slowly descending with sore calves.

BTC/USD 4H Chart, Coinbase. Supply: TradingView

Which truly is smart. In any case, BTC’s come a great distance quick, and now it’s brushing up towards heavy resistance at $120K prefer it’s not sure whether or not to punch by means of or take a breather. A few of the rigidity is narrative-based. On the bullish aspect, you’ve obtained twelve straight days of ETF inflows – over $6.6 billion pouring in 

Spot Bitcoin ETFs see 12-day influx streak. Supply: SoSoValue

Additionally, there’s been information about Trump truly signing a crypto invoice (the GENIUS Act), which, no matter what’s in it, marks a really actual shift in tone from the U.S. authorities.

Tom Emmer

However then – simply when vibes had been getting too cozy – an historic Bitcoin whale from the Satoshi period awakened and shuffled practically $10B value of BTC. Not bought, simply moved, but it surely nonetheless rattled the cage. 

Onchain Lens 

And there was a spicy rumor that the UK is prepping to unload $7B in seized Bitcoin (presumably exaggerated, however hey, the market doesn’t like nuance), so now marvel that $120K breakout feels just a little heavy.

Susie Violet Ward

So, proper now BTC’s taking a second and cooling off. The construction nonetheless seems bullish – RSI’s impartial, shifting averages are high quality, macro’s not freaking out – but it surely’s just like the market’s ready for a brand new excuse to care.

Ethereum (ETH) 

Now, ETH didn’t appear to get the memo about “taking it gradual.” After clearing $3,400 earlier this week, it’s been climbing with nearly embarrassing enthusiasm, now up round $3,800 and flirting with the thought of $4K.

ETH/USD 4H Chart, Coinbase. Supply: TradingView

And it’s obtained some actual teasons for that. Spot ETH ETFs lastly hit their stride, with someday alone seeing $727 million in inflows. 

Spot Ether ETFs witnessed web inflows of virtually $727 million on Wednesday. Supply: Farside Traders.

Most significantly, there have been some large treasury strikes – for one, Sharplink dropped a $6B ETH-heavy plan, which added gasoline to the rally. 

Lookonchain

And total Ethereum is lastly getting love as extra than simply tech – it’s turning into an institutional asset class. BlackRock likes it, Constancy likes it, Even Nasdaq desires to allow ETF staking. In the meantime, Wall Avenue is clearly warming up.

Common Ethereum gasoline limits over time. Supply: Etherscan

On the community aspect, validators are backing a gasoline restrict bump to 45 million, and the Fusaka improve (coming this November) is about to enhance throughput and validator effectivity. All that scaling momentum is, as soon as once more, making Ethereum appear like a stable long-term maintain for  institutionals.

So whereas BTC takes a breather, ETH is convincing the gang the present’s nonetheless going. Until BTC dumps onerous, ETH most likely tags $4K quickly – and if issues actually get wild, perhaps extra. However let’s not jinx it.

Toncoin (TON)

TON, in the meantime, appears to be operating its personal playbook fully. TON’s value has simply been casually climbing from $2.85 to $3.36, exhibiting constant larger lows and total good vibes.

TON/USD 4H Chart. Supply: TradingView

Now, let’s be clear up entrance: nothing within the TON information cycle this week screams “value catalyst.” There was no ETF submitting, no big partnership announcement, no shock itemizing on a significant US change. However nonetheless – one thing has been brewing.

There’s been some launches within the ecosystem, and likewise a Visible Studio Code extension from TON Core. Certain, it makes dev work on TON smoother and lowers the barrier to constructing, but it surely’s a slow-burn developer story, not a buying and selling one.

Supply: @toncorepublic

Additionally, Telegram – TON’s non secular mothership – additionally began registering an official presence in Russia this week. That issues within the regulatory chess sport and hints at Telegram making ready for deeper integrations or monetization methods that might loop again to TON. 

Supply: Roskomnadzor

However erhaps most eyebrow-raising headline was that the TON Ecosystem Reserve, which holds over $1.7 billion in TON, moved funds for the primary time in years. It was only a check transaction, however in an area this small, that form of motion doesn’t go unnoticed. It sparked hypothesis about whether or not large issues – grants, incentives, or deployments – may be on the horizon.

Supply: Tronscan

And let’s not neglect: TON simply tapped into Ethereum DeFi by way of Tac mainnet. It’s beginning to straddle two worlds – Telegram-native and EVM-compatible. Even when the headlines aren’t as loud, the basics are stacking up quick.

So, no single piece of stories was sufficient to ship TON flying, however collectively, they’ve created a way of quiet momentum, which is mirrored within the charts. Worth has climbed from round $2.85 to above $3.30 this week, steadily and with out drama. Proper now RSI is peaking, however the MAs are nonetheless exhibiting assist. 

The place It Feels Like We’re Heading

So right here we’re. The all-time highs have been hit, the confetti’s already on the ground, and the market’s catching its breath. On the floor, nothing’s damaged – macro situations are comparatively supportive. Spot ETF inflows stay sturdy, with establishments nonetheless exhibiting up. Inflation knowledge is softening. 

If Bitcoin can lastly punch by means of $120,000 with actual quantity and keep above it, that might re-ignite danger urge for food throughout the board. In that case, Ethereum seems well-positioned to speed up – doubtless pushing by means of $4K – and TON, with its quiet momentum, might proceed climbing in its personal impartial rhythm.

Alternatively, if Bitcoin stalls once more, we could also be taking a look at a couple of extra weeks of sideways chop – a time for the market to digest positive aspects, shake out weak arms, and await the subsequent sturdy catalyst.

Both means, the important thing takeaway is that this: the market is clearly awake. 

About The Creator

Victoria is a author on a wide range of know-how matters together with Web3.0, AI and cryptocurrencies. Her in depth expertise permits her to jot down insightful articles for the broader viewers.

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Victoria d’Este