Cryptocurrency markets are recovering on Thursday, with Ethereum leading the rally across altcoins.

Notable Statistics:

• IntoTheBlock data shows Bitcoin's large transaction decreased by 13.4% and daily active addresses grew 6.2%. Exchanges netflows were down by 90.8%. Transactions greater than $100,000 shot up from 10,510 to 11,053.
• Coinglass data shows 229,386 traders were liquidated in the past 24 hours for $666.60 million.
• The top losers in the past 24 hours include Pump.fun PUMP/USD, Fartcoin FARTCOIN/USD and Virtuals Protocol VIRTUAL/USD.

Notable Developments:

• Remember CryptoPunks? This Public Company Just Traded $5.15 Million Worth Of Stock For A JPEG
• Crypto A Gamble Too Rich For Americans? 60% Say ‘Never’ Despite Bitcoin’s All-Time High Moves
• Ethereum, XRP Sink While Bitcoin Holds: What’s Going On With Altcoins?
• Jim Cramer Says He’s Buying ‘A Lot’ Of Bitcoin As Protection Against Spiraling US Debt: ‘Worried About My Kids’
• Will US Banks Launch Their Own Stablecoins? Bank Of America Says They Might

Trader Notes: Glassnode data shows that Bitcoin's recent surge from $110,000 to $117,000 carved out a low-density accumulation zone, often referred to as an on-chain air gap.

These gaps, while typically thin in volume, have historically served as bottoming zones during corrective phases.

So far, Bitcoin has remained comfortably above its $122,600 all-time high, but if support falters, that air gap could re-emerge as a key demand zone.

Get Started

Trade Bitcoin, Ethereum, and More Instantly — No Wallets, No Hassle

Speculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500.

Get Started

Disclosure: 82% of retail CFD accounts lose money

Crypto chart analyst Ali Martinez points to tightening Bollinger Bands on the 4-hour Bitcoin chart, signaling that a volatility spike is likely imminent.

He suggests a decisive close beyond the $117,000–$119,700 range could set off the next significant directional move.

Daan Crypto Trades also highlighted that Bitcoin is nearing a critical decision point, noting price action has been trapped in a choppy triangle pattern for the last couple of weeks.

He urges to wait for confirmation rather than anticipate the breakout prematurely, to avoid getting whipsawed by indecisive market behavior.

Read Next:

• Bitcoin, Ethereum, XRP In Fine Shape, Analyst Says: ‘People Are Freaking Out Just Because It’s Going Sideways’

Image: Shutterstock