Bitcoin's Range-Bound Trading
Bitcoin (BTC) made an attempt to break out of its range last week but failed to sustain higher levels. As a result, Bitcoin is now back inside its range and is currently trading near the $26,000 level. The recent price action has formed two consecutive Doji candlestick patterns on the weekly chart, signaling uncertainty about the next directional move.
SEC Approval Could Limit Downside
While it's difficult to predict the direction of the breakout, experts suggest that the downside may be limited in the near term. This is due to expectations that the United States Securities and Exchange Commission (SEC) may eventually approve one or more pending applications for a spot Bitcoin exchange-traded fund. Former SEC chair Jay Clayton expressed confidence in a recent interview, stating that "an approval is inevitable."
Altcoins Under Pressure
With Bitcoin's next trend unclear, most major altcoins are currently under pressure. However, there are a few altcoins that are showing signs of strength in the short term. Let's take a look at the charts of the top-five cryptocurrencies that may rally if they break above their respective resistance levels.
Bitcoin Price Analysis
Bitcoin is currently ranging between $24,800 and $26,833, but there is a positive sign as bulls continue to buy the dips. The downsloping moving averages suggest an advantage to bears, but the gradually recovering relative strength index (RSI) indicates that bearish momentum may be weakening. A break and close above the range at $26,833 would provide the first sign of strength, potentially leading to a retest of the Aug. 29 intraday high of $28,142. On the other hand, if bears gain control and sustain the price below $24,800, Bitcoin could plunge to $20,000.
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