Bitcoin price rally trends in the narrow range
The Bitcoin price rally is currently working hard to break the neckline of the W-shaped pattern. In addition, a failed attempt can also cause the price to drop dramatically, which has been predicted by some analysts.
In addition to the subject matter, the CME gaps also suggest a possible drop in prices in the coming days. In addition, the volume has decreased to some extent, which, on the contrary, could be an indication of the next big leg up for BTC price.
The price faces resistance near $ 59608 but is expected to decline slightly in the short term. However, with a price drop of $ 57,000, the bulls are expected to activate and seek to escort the price towards $ 60,000.
Altcoins gain more traction
Since the big cryptos like Bitcoin and Ethereum are trending within the consolidation zone, many Altcoins jump like a giant. Some of them have also seen triple-digit weekly increases. The most notable jump was the WRX price, which has increased more than 900% in the past seven days.
The next noticeable surge was the BTT price and the TRX price, which gained more than 200% and hit new highs. The XRP price also saw a phenomenal rise in price, recording its highest price since 2018. Additionally, the LTC price has been swelling sharply in the past 24 hours, increasing by more than 10%.
The main difference that analysts have pointed out is that RN03xx rejected bitcoin from its 12-hour HMA 200 while other altcoins broke it.
The rally of the big altcoins shows the increasing momentum of the altcoin season as the bitcoin price rally has opted for a sideways trend. Still, the BTC price rally could regain lost momentum in the coming days and climb high to meet the $ 100,000 target set by many analysts.