Bitcoin’s tight range trading suggests a potential range expansion and a possible trending move in altcoins like LINK, MKR, ARB, and THETA. This indicates that cryptocurrency traders are not panicking and rushing to exit.
Bitcoin’s short-term holders hold the least amount of Bitcoin supply in over a decade, indicating a shift to stronger hands.
Bitcoin’s next directional move is uncertain, leading to subdued price action in several large altcoins. However, some altcoins are showing signs of recovery.
Bitcoin’s price is currently above the 20-day exponential moving average, but a lack of demand at higher levels suggests a lack of bullish momentum. A break below the 20-day EMA could tilt the advantage in favor of bears.
Chainlink has surged above the downtrend line, indicating a potential trend change. The moving averages have completed a bullish crossover, and the RSI is in positive territory, suggesting that buyers have the upper hand.
Maker turned down from overhead resistance, but the 20-day EMA is providing support. If the price rebounds off this level, it could indicate continued buying interest. A break above the overhead resistance could lead to further upside.
Arbitrum is in a downtrend, but the bulls are holding their ground. The RSI is rising, indicating a potential turnaround. If buyers push the price above the 20-day EMA, a sustained recovery could be underway.
Theta Network has absorbed supply and is attempting a comeback. The bulls are expected to defend the 20-day EMA, and a break above the 50-day SMA could lead to further upside.
Summary:
– Bitcoin’s tight range trading suggests a potential range expansion and trending move in altcoins.
– Bitcoin’s short-term holders hold the least amount of supply in over a decade.
– Uncertainty in Bitcoin’s next move has led to subdued price action in altcoins.
– Chainlink has shown signs of a trend change and bullish momentum.
– Maker is finding support at the 20-day EMA, with a potential breakout above overhead resistance.
– Arbitrum is in a downtrend but showing signs of a potential turnaround.
– Theta Network has absorbed supply and is attempting a comeback.
