After the Aug. 11 Bitcoin ETF decision delay, BTC’s boring price action looks set to carry on through the weekend.
Bitcoin continues to frustrate investors with its tight-range consolidation, giving no clue about the possible direction of a breakout. Typically, the longer the range, the stronger the eventual breakout from it. Therefore, traders should be on their toes to latch on to the breakout when it happens.
A minor positive in favor of the bulls is that they are holding on to a large part of the gains seen in 2023. That indicates a lack of urgency among the bulls to book profits, as they anticipate the uptrend to resume.
Bloomberg senior exchange-traded fund (ETF) analyst Eric Balchunas highlighted that 15 of the best-performing equity ETFs in 2023 have been crypto-related, with exposure to crypto and blockchain.
Do Bitcoin (BTC) and the select altcoins show any signs of a potential breakout from their respective ranges? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The bulls pushed Bitcoin above the 50-day simple moving average (SMA) of $29,960 on Aug. 8 and 9 but could not sustain the higher levels. This suggests that the bears are selling on rallies.
