Bitcoin (BTC) has been relatively quiet over the weekend, indicating that the bulls and the bears are not waging a large bet on a directional move. “The market sees limited upside for the asset in the short term, likely due to the absence of a specific BTC reserve announcement,” said onchain options protocol Derive founder Nick Forster in a Jan. 25 analyst note viewed by Cointelegraph.
A more bullish projection came from CryptoQuant contributor IT Tech, who said in a Jan. 24 analyst note that Bitcoin long-term Bitcoin holders (LTH) — those who have held their Bitcoin for more than 155 days — continued to buy on declines and short-term holders bought during rallies. That makes IT Tech bullish on Bitcoin over the next 12 months.
Crypto market data daily view. Source: Coin360
Analysts are divided on Bitcoin’s prospects in the near term, and the same is the case with an altcoin season. While some expect altcoins to start outperforming in 2025, Crypto analyst Ali Martinez has a different opinion. Ali said in a post on X that a massive supply of 36.4 million altcoins currently, compared to less than 3,000 during the 2017-2018 altseason, reduces the possibility of a sustained altcoin outperformance.
Will Bitcoin break out to a new all-time high, boosting sentiment? If that happens, let’s look at the charts of the top cryptocurrencies that may outperform in the near term.
Bitcoin price analysis
Bitcoin is squeezed between the 20-day exponential moving average ($101,493) and the overhead resistance of $108,353.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The rising 20-day EMA and the relative strength index (RSI) in the positive territory indicate 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. The BTC/USDT pair may surge to $126,706.
Contrarily, if the price turns down from the overhead resistance and breaks below the 20-day EMA, it will suggest that the pair may remain range-bound between $90,000 and $109,588 for a few days. Sellers will have to yank the price below the $90,000 to $85,000 support zone to gain the…
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