Bitcoin Price Rally Trends within narrow Range
Bitcoin price rally is currently attempting very hard to break the neckline of the W-Shaped pattern. Moreover, a failed attempt may also lead the price to slide down drastically which has been predicted by some of the analysts.
Adding to the substance, the CME gaps also indicate a possible drop in the price in coming days. Moreover, the volume has also declined to some extent which, on the contrary, might be an indication for the next big Leg Up for BTC price.
The price is facing resistance near $59608, however, a slight dip can be anticipated in the short term. Yet the bulls are expected to get activated with a price dip around $57,000 and attempt hard to escort the price towards $60K.
Altcoins Gain More Traction
As the major cryptos like Bitcoin and Ethereum are trending within the consolidation zone, many altcoins jump like a giant. Some of them managed to record triple digit weekly gains also. The most notable jump was the WRX price that jumped more than 900% in the past seven days.
The next eye-catching surge was of BTT price and TRX price that managed more than 200% gains and smashed new highs. XRP price also registered a phenomenal price surge, registering its highest price since 2018. Moreover LTC price is also swelling hard by surging more than 10% in the past 24 hours.
The main difference pointed out by analysts, RN03xx is bitcoin has rejected from its 12hr HMA 200 whereas other altcoins have broken it.
The rally of major altcoins indicates the gaining momentum of the Altcoin season as the Bitcoin price rally chose to trend sideways. Nevertheless, the BTC price rally may regain the lost momentum in the coming days and surge high to hit the target set by many analysts at $100k.