Bitcoin Price Stuck in Range as Altcoins Grab Traders' Attention

With Bitcoin stuck trading sideways between $37,000 and $44,700 in recent weeks, traders have shifted their attention to altcoins showing more decisive price action.

Several major cryptos have bounced from key support levels and broken out overhead resistance, signalling potentially profitable trading opportunities.

Bitcoin Trading Sideways

Bitcoin has been trading in a tight range between $37,000 and $44,700 for the past few weeks, unable to break out in either direction. This muted price action has some traders shifting their focus to select altcoins that are showing more momentum.

The launch of spot Bitcoin ETFs was expected to bring a surge of institutional investment, but inflows have been slower than anticipated as large platforms conduct due diligence. Minor positives for Bitcoin include slowing outflows from the Grayscale Bitcoin Trust and the price remaining above its 20-day moving average.

Overall, Bitcoin's consolidation is seen as a healthy sign that could build a base for the next leg up. Now, traders are looking for altcoins that may outperform in the near-term.

Chainlink Breaks Out

One major winner has been Chainlink, which surged above resistance at $17.32 to start a new uptrend. The 20-day EMA has turned up and the RSI is nearing overbought territory, confirming the bullish momentum.

Initial targets are the minor resistance at $19.54 followed by the pattern target of $21.79. For the rally to continue, Chainlink will need to hold above the $17.32 breakout level on any pullbacks.

Internet Computer Bounces at Support

Internet Computer has also bounced strongly after hitting support at its 50-day moving average. This suggests buyers are defending the key level. The long wick on the recent candle shows sellers tried to push it lower but bulls held ground.

A break above the overhead resistance at $14 could start a move to $16.30. However, a failure to hold the 50-day MA on a pullback could lead ICP back down to the $9.36 breakout level.

Render Targets $6.60

Render token broke above resistance at $4.40 and held the 50-day MA on a pullback, putting it in a good position to challenge the highs at $5.28. A decisive break above $5.28 could open the way for a rally to $6.60.

Alternatively, a sharp rejection at $5.28 could lead to a drop back to the 50-day MA around $4.26. A break below this support could signal a short-term trend change.

Sui Needs to Clear $1.65

Sui broke above overhead resistance at $1.50 but failed to hold the higher levels. This suggests sellers are still active at resistance. The rebound from the 20-day MA shows buying interest remains strong on dips.

To resume the uptrend, Sui will need to clear the immediate resistance zone between $1.57 and $1.65. Doing so could start the next leg higher to $2.00 and $2.64. Failure to rise above $1.65 could lead to a deeper pullback toward the 50-day MA around $1.04.

Bottom Line

While Bitcoin trades in a range, traders are shifting focus to altcoins showing clearer trends and momentum. Cryptos like Chainlink, Internet Computer, Render, and Sui have recovered key support levels and broken overhead resistances, putting them in pole position for further gains if key levels can hold.