Bitcoin Bulls and Bears Tussle as Altcoins Show Promise

Bitcoin (BTC) has been relatively stable over the weekend, with neither bulls nor bears making significant moves. According to Derive founder Nick Forster, the market sees limited upside for Bitcoin in the short term due to the absence of a specific BTC reserve announcement. However, CryptoQuant contributor IT Tech has a more bullish outlook, noting that long-term Bitcoin holders continue to buy on declines and short-term holders bought during rallies, indicating a bullish trend over the next 12 months.

While analysts are divided on Bitcoin's near-term prospects, some altcoins are showing bullish signs. Solana (SOL), Chainlink (LINK), MANTRA (OM), and Raydium (RAY) have all exhibited positive indicators, suggesting potential gains in the near term.

Bitcoin price analysis indicates that BTC is squeezed between the 20-day exponential moving average ($101,493) and the overhead resistance of $108,353. The rising 20-day EMA and the relative strength index (RSI) in the positive territory suggest that the path of least resistance is to the upside. A break and close above $109,588 could signal the start of the next leg of the uptrend, with the BTC/USDT pair potentially surging to $126,706. However, if the price turns down from the overhead resistance and breaks below the 20-day EMA, it may remain range-bound between $90,000 and $109,588 for a few days. Sellers will need to yank the price below the $90,000 to $85,000 support zone to gain the upper hand.

Solana (SOL) has been witnessing a tough battle between the bulls and the bears near the $260 level. The upsloping 20-day EMA ($232) and the RSI above 65 indicate that buyers are in command. A close above $273 could open the doors for a rise to $296, with the potential to reach $375 if that level is cleared. However, if the price turns down and breaks below $229, the SOL/USDT pair may drop to the 50-day simple moving average ($212)