• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

Altcoins Fly as Bitcoin Ranges: What Analysts Think Comes Next for BTC

Cole Petersen by Cole Petersen
1 year ago
in BTC
Reading Time: 2 mins read
Advertisement
  • Bitcoin has seen some mixed price action as of late, with bulls and bears largely reaching an impasse as the cryptocurrency consolidates
  • Where it trends next will undoubtedly depend largely on whether or not bulls can break the ongoing consolidation phase and spark a move higher
  • This will likely only come about if BTC can flip $40,000 into support, as this has proven to be an intense resistance level
  • While sharing speaking about BTC’s price action, one analyst explained that it is currently caught within a relatively large pennant
  • As such, he expects it to see further consolidating in the near-term that allows altcoins to rally

Bitcoin has been struggling to gain any clear momentum as of late, with the cryptocurrency’s price action largely consisting of range-bound trading between $30,000 and $40,000.

This large trading range has held strong throughout the past couple of weeks, and any attempt to break either of the boundaries has resulted in rapid rejections.

Where the market trends in the mid-term will likely depend largely – if not entirely – on whether or not bulls can continue guarding against any breakdown.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

One trader expects further sideways trading in the mid-term, noting that he believes this will prove to be bullish for altcoins.

Bitcoin Continues Consolidating as Bulls Struggle to Spark a Breakout

At the time of writing, Bitcoin is trading up just under 2% at its current price of $36,400. This marks a notable decline from the crypto’s overnight highs of $37,500 set when bulls tried to take control of its price action.

The selling pressure seen at these highs speaks to the resistance in the upper-$30,000 region, but it also has equally strong support in the lower-$30,000 region.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

How it reacts to these levels in the weeks to come should shine a light on its near-term outlook.

Altcoins May Fly as BTC Continues Consolidating

One analyst explained that he believes Bitcoin will continue consolidating until it resolves a large pennant formation that it is currently caught within.

This could prove to be incredibly bullish for altcoins, he claims.

“BTC 4H: Bitcoin is still ranging inside of this pennant. This consolidation is very good for altcoins. I will heavily trade alts as long we stay inside of the triangle.”

Bitcoin

Image Courtesy of SilverBullet. Source: BTCUSD on TradingView.

Assuming this pennant results in an upwards breakout, it could allow Bitcoin to regain some of its market dominance that has been taken by altcoins throughout the past few days and weeks.

Featured image from Unsplash.
Charts from TradingView.
Tags: btcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin

TA: Bitcoin Price Resumes Decline, Why BTC Remains At Risk

13 hours ago
Bitcoin

TA: Bitcoin Price Remains In Range, Why The Bulls Need To Take Control

2 days ago
Extreme fear

Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low

2 days ago
Bitcoin

TA: Bitcoin Price Moves Higher In Range, $30.6K Still Presents Resistance

3 days ago
Bitcoin

TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited

4 days ago
bitcoin

Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?

4 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Exchange Will List Value Interlocking Exchange Coin (VIC) on May 30, 2022

May 27, 2022

LBank Exchange Will List TEAK COIN (TEAK) on May 30, 2022

May 27, 2022

Solana (SOL) and Cardano (ADA) begin to recover as crypto market braces for emergence of Sanzooz Finance (SZFT)

May 27, 2022

Watchlist Essentials: Discounted Blue-Chips Ripple (XRP) and Avalanche (AVAX); Presale For Quitriam Finance (QTM)

May 27, 2022

3 Coins to Potentially Elevate Your Finances: Logarithmic Finance (LOG), KuCoin Token (KCS), and Litecoin (LTC)

May 27, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.