Bitcoin and altcoins are expected to turn bullish again on longer timescales, with the signs becoming apparent despite the consolidation of BTC price movements.
Huge boost
Data from Cointelegraph Markets Pro and TradingView shows stronger momentum in the price of BTC over the weekend.
After hitting weekly lows of $62,400 / €58,300, BTC/USD turned around and managed to stay higher, trading at around $63,500 / €59,330 at the time of writing.
Also, altcoins performed well during “after-hours” trading, with the total market capitalization of altcoins up about 1% on the day.
“Alts recovered very nicely, but still need to break the trend to set weekly highs around Monday to Tuesday,” popular trader Skew responded to X, referring to recent market patterns.
Still, Skew suspected that Bitcoin selling pressure would increase around the highs of the range. This prevented bulls from moving much higher.
Other commentary
Moving on to altcoins, trader and commentator Mustache was willing to bet on a full “altseason” coming in. Which could rival anything we’ve seen since the market hit its all-time high in 2017.
He suggested that the monthly dominance chart for the largest stablecoin Tether (USDT), which is trying to regain ground after breaking below a rising trendline this year, was just a “backtest.”
“He wrote: “When USDT.D goes down, altcoins go up.”
Others therefore waited for the start of “TradFi” trading, including Bitcoin futures. This is for further indications about the price of the crypto market.
“So far the price movement over the weekend has been fine,” fellow trader Daan Crypto Trades told his followers on X.
While Bitcoin is consolidating within a range that is still lower than the previous cycle’s all-time highs, it hasn’t disappointed everyone.
For trader Alan Tardigrade, the monthly BTC/USD chart seemed promising.
“On the monthly chart, Bitcoin is still above the triangle top, which is very bullish,” he argued in recent analysis on X.
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