Bitcoin (BTC) has gone silent over the weekend. CryptoQuant CEO Ki Young Ju said, in a recent post on X (formerly Twitter), that Bitcoin’s velocity has declined to a three-year low. He said this could either be considered positive, as whales were holding on to their positions, or negative because the transfer to new investors was not happening.
The range-bound action continues to perplex investors with regard to the next possible trending move. In that respect, there was positive commentary from JPMorgan analysts who said that Bitcoin’s downtrend could be ending. They believe that the declining open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange suggests that the long liquidation is over.
As Bitcoin decides its next move, select altcoins are showing signs of strength. These altcoins could turn negative if Bitcoin’s range resolves to the downside, but if Bitcoin turns up or stays in a range, then they may offer a short-term trading opportunity.
Let’s study the charts of the top-five cryptocurrencies that may move up in the near term and identify the levels that need to be crossed for the bulls to take charge.
Bitcoin price analysis
Bitcoin formed an inside-day candlestick pattern on Aug. 26, indicating indecision between the bulls and the bears about the next directional move.
The downsloping 20-day exponential moving average ($27,222) and the relative strength index (RSI) in the oversold zone indicate that bears are in command. However, the bulls are unlikely to give up without a fight.
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Author: Rakesh Upadhyay
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