Bitcoin (BTC) rallied to $106,000 just one day before the inauguration of US President-elect Donald Trump. However, the coin that has caught the attention of traders over the weekend is the US President-elect Donald Trump’s memecoin, Official Trump (TRUMP).
Launched on the Solana network on Jan. 17, the TRUMP token hit a high above $79 on Jan. 19. That boosted Solana (SOL) to a new all-time high of $295. However, since then, both TRUMP token and Solana have given back a small percentage of their gains.
Crypto market data daily view. Source: Coin360
While a breakout to a new all-time high cannot be ruled out in Bitcoin, crypto investors should be cautious because experienced traders tend to buy the rumor and sell the news. Any disappointment in meeting traders’ expectations could result in a pullback in Bitcoin and altcoins.
If Bitcoin reaches a new all-time high, several altcoins are likely to join the party. Let’s look at the charts of the top cryptocurrencies that may outperform in the near term.
Bitcoin price analysis
Bitcoin has been gradually rising toward its all-time high of $108,353, where the bears are expected to mount a strong defense.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day exponential moving average ($98,800) has started to turn up, and the relative strength index (RSI) is in the positive zone, signaling that the buyers have the edge. If bulls pierce the overhead resistance, the BTC/USDT pair could start the next leg of the uptrend to $126,706.
On the other hand, if the price turns down from $108,353, it will signal that bears are active at higher levels. The pair may slide to the 20-day EMA, an important level to watch out for. If the price rebounds off the 20-day EMA, the bulls will again attempt to clear the hurdle at $108,353.
Sellers will have to pull the price below the moving averages to start a consolidation between $90,000 and $108,353 for a few days.
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The moving averages are sloping up on the 4-hour chart, and the RSI is in positive territory, indicating an advantage to buyers. There is a minor hurdle at…
..
