The BTC price is struggling to gain momentum after another failed attempt to settle above $38K on Monday.
The flagship cryptocurrency broke below the $35,500 support level as bears continued to guard against any upside breakout. BTC even spiked below $34.5K to move into a short-term bearish zone.
As of this article’s writing, the BTC/USD pair has gained 1.8% to trade at $36,250 as it continues its bout of range-bound trading below $40K.
BTCUSD Chart By TradingView
Altcoins May Continue To Fly AS BTC Price Consolidates
Analyst SilverBulletBTC recently shared his outlook on the current mixed BTC price action as bulls struggle to spark a breakout. He predicted that the ongoing consolidation phase could largely favour altcoins.
“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,” he tweeted while sharing the chart below.
BTC price Is currently caught within a large Pennant Formation | Source TradingView
According to the analyst, BTC will continue its sideways trading between $30K and $40K until it resolves the large pennant formation that it is caught within. If the pennant results in an upwards breakout, BTC could soon regain its market dominance taken by alts over the past week.
ETH Price Steadies Above $1,150
Ether has been taking its cues from Bitcoin of late, with its price remaining range-bound within the mid-$1,200 region. The altcoin held the major support near $1,150 over the weekend, resulting in a push higher past $1,230.
In today’s early sessions, the bulls made two attempts to break above $1,250 and even formed a high near $1,270. However, the ETH price failed to settle above $1,250 and started a fresh decline.
There was a break below the $1,220 and $1,200 support levels as bears gained control of the crypto’s short-term price action. A low was formed at $1,184 before the bulls stepped in to guard against any further breakdown.
As of this article’s writing, ETHUSD is trading at $1,234. The coin faces a couple of significant hurdles at $1,245 and $1,250.
ETHUSD Chart By TradingView
ETH is currently trading at a pivotal point, as the intense selling pressure in the upper-$1,200 threatens to spark a downside in the near term.
However, one analyst is still bullish on the second-largest cryptocurrency. He argues that if the bulls can flip $1,250 into support, then ETH could soon see a test of its all-time highs.