Bitcoin’s tight range trading points to a potential range expansion and that could trigger
a trending move in LINK, MKR, ARB, and THETA.
Bitcoin
BTC
tickers down
$26,463
has been trading in a tight range for the past three days even as the S&P 500 fell for the last four days of
the week. This is a positive sign as it shows that cryptocurrency traders are not panicking and rushing to the exit.
Bitcoin’s supply seems to be gradually shifting to stronger hands. Analyst CryptoCon said citing
Glassnode data that Bitcoin’s short-term holders (STHs), investors who have held their coins for 155
days or less, hold the least amount of Bitcoin supply in more than a decade.
In the short term, the uncertainty regarding Bitcoin’s next directional move may have kept traders at
bay. That could be one of the reasons for the subdued price action in several large altcoins.
But it is not all negative across the board. Several altcoins are showing signs of a recovery in the near term.
Could Bitcoin shake out its slumber and start a bullish move in the near term? Can that act as a catalyst
for an altcoin rally? Let’s study the charts of the top-five cryptocurrencies that may lead the charge higher.
Bitcoin price analysis
