Bitcoin Range Trades as Volatility Subsides: Will TON, LINK, MKR, and XTZ Follow?

Bitcoin attempted to break free from its trading range last week, but buyers were unable to maintain momentum at higher levels. Currently, Bitcoin (BTC) has returned to the range and is trading near the $26,000 mark. Recent price movements have created two consecutive doji candlestick patterns on the weekly chart, which suggest uncertainty regarding the next potential direction.

While forecasting the direction of the breakout remains challenging, any downward movement may be limited in the short term, fueled by expectations that the United States Securities and Exchange Commission (SEC) could approve one or more pending applications for a spot Bitcoin exchange-traded fund. Former SEC chair Jay Clayton expressed confidence in a recent interview, stating that “an approval is inevitable.”

The current market dynamics continue to unfold, keeping traders and investors on alert for future developments.