Bitcoin continues to frustrate investors with its tight-range consolidation, giving no clue about the possible direction of a breakout. Typically, the longer the range, the stronger the eventual breakout from it. Therefore, traders should be on their toes to latch on to the breakout when it happens.
A minor positive in favor of the bulls is that they are holding on to a large part of the gains seen in 2023. That indicates a lack of urgency among the bulls to book profits, as they anticipate the uptrend to resume.
Bloomberg senior exchange-traded fund (ETF) analyst Eric Balchunas highlighted that 15 of the best-performing equity ETFs in 2023 have been crypto-related, with exposure to crypto and blockchain.
Do Bitcoin (BTC) and the select altcoins show any signs of a potential breakout from their respective ranges? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The bulls pushed Bitcoin above the 50-day simple moving average (SMA) of $29,960 on Aug. 8 and 9 but could not sustain the higher levels. This suggests that the bears are selling on rallies.
The range in the BTC/USDT pair has shrunk further, with the price swinging between $28,585 and $30,350. Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint, suggesting that the consolidation may continue for some more time.
When the price is stuck in a range, it is difficult to predict the direction of the breakout. However, traders should be ready for the start of a trending move soon.
If the price plunges below $28,585, the pair may descend to $26,000 and then to $24,800. Conversely,
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Author: Rakesh Upadhyay
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