Bitcoin (BTC) managed to hold above the $26,000 level despite a steep decline in the S&P 500 and a rise in the US dollar index. This indicates a lack of aggressive selling at lower levels, which is a mildly positive sign for Bitcoin. However, the cryptocurrency remains range-bound, leading to directionless price action and sidelining traders.
Despite the short-term uncertainty, long-term Bitcoin bulls remain undeterred and continue to add the cryptocurrency to their portfolios. For example, MicroStrategy announced that it had acquired 5,445 Bitcoin at an average price of $27,053 per Bitcoin.
The article then goes on to analyze the price action of the top 10 cryptocurrencies, including Bitcoin, Ether, BNB, XRP, Cardano, Dogecoin, Solana, Toncoin, Polkadot, and Polygon. The analysis provides insights into the potential short-term up-moves for each cryptocurrency based on technical indicators.
Overall, the article advises caution due to low liquidity, which could lead to volatile moves in either direction. Traders are encouraged to wait for confirmations rather than taking positions on every intraday breakout.
Please note that this article does not contain investment advice or recommendations.
