Consolidation under a clear resistance area is deemed bullish price action in the interim. This was a clear example on the recent move on Bitcoin, once price broke this range-mid, it proceeded with an engulfing candle.

Bitcoin currently is trading in the upper region of this current range. An expansion into the range high resistance is likely, this will achieve the $61,000 to $62,000 target.

In recent news events, alt-coins need ‘substantial bull market’ to avoid VC funding drought.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Current Price Action

The recent price action has an engulfing candle that penetrated the range mid-point with a bullish expansion. Price action has since been trading in the upper region of this range - creating value here is important.

Price action as such places great emphasis on the current trading range - Bitcoin can simply continue rotating between the range high and range low until a decisive expansion occurs.

The overall objective of this local range still remains to be the $61,000 too $62,000. This price point is a key region where the reaction in price action will dictate the next directional expansion.

Bitcoin Higher Low next?

The local price action on Bitcoin has been bullish, we can see a low being established with consecutive higher highs and higher lows. This current market structure needs to remain for higher prices.

Local market structures are important to take into consideration, especially when price action approaches key resistance levels. Bitcoin currently is in a range with a local bullish market structure - this again adds more validity to the theory of reaching the overall range high target.

A higher low needs to be establish here on Bitcoin, this will show continued strength in the overall trend. Breaking this low will indicate a change in structure, this will place emphases on a rotation back to the lows.

Bitcoin Insider will continue to monitor these time sensitive price development for the next update.

Latest Market News

Alt-coins need ‘substantial bull market’ to avoid VC funding absence

The altcoin market will need to experience a major rally if crypto projects hope to continue attracting substantial venture capital investment, according to a crypto analyst.

Will Clemente, co-founder of Reflexivity Research, stated in a Sept. 12 post on X that without a “significant bull market” for altcoins, fewer projects will receive funding, resulting in lower valuations across the market.

However, Clemente is skeptical about the possibility of such a rally. He anticipates a “dispersion” of funds due to the large supply of altcoins entering the market and expressed doubt about the market's ability to rebound.

Altcoin market dominance, excluding the top 10 cryptocurrencies, has dropped by 23.10% in the past six months, according to TradingView data. CoinMarketCap notes that it tracks over 8,000 cryptocurrencies, but determining the exact number of tokens is challenging.

Clemente pointed out that investments in altcoins—often viewed as high-risk, high-reward assets—are underperforming relative to market benchmarks. He commented that too much capital has been allocated to underperforming funds with a heavy focus on altcoins.

Meanwhile, traders and analysts are debating whether the altcoin market will see a rally similar to past cycles. Glassnode lead analyst James Check argued that a typical rally may not happen this time, as new crypto traders tend to quickly invest in speculative assets, making the market’s moves predictable and less exciting.

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