Cryptocurrencies have remained in a tight range this week as investors focused on ETF inflows in the industry. Bitcoin was stuck at $70,000, a big increase from this month’s low of $60,500 while the combined market cap of all coins stands at over $2.6 trillion.
Crypto bull run has faded
Other altcoins have moved sideways after soaring hard earlier this month. JasmyCoin ($JASMY) coin price was trading at $0.020 on Thursday morning, down from the year-to-date high of $0.027 but higher than last week’s low of $0.015.
Similarly, Chainlink price was at $19, lower than this month’s high of over $23. Litecoin was trading at $94, a big increase from last week’s low of $78.
The recent volatility happened because of the happenings in the Bitcoin ETF market. The Grayscale Bitcoin Trust (GBTC) has shed over $2 billion in assets in the past two weeks, leading to more Bitcoin volatility. Other ETFs by the likes of Fidelity, Blackrock, and Franklin Templeton have seen mild inflows.
Cryptocurrencies also reacted to the regulation issues. In the US, the Department of Justice (DoJ) announced fresh charges against KuCoin, one of the biggest crypto exchanges in the world. The department alleges that KuCoin has facilitated vast amounts of money laundering over the years.
Meanwhile, Coinbase suffered a major setback after a judge said that the lawsuit filed by the Securities and Exchange Commission (SEC) could go on. The SEC has accused the company of offering unregistered securities and other crimes.
Still, there are signs that the Bitcoin rally is getting started, which could lead to more JASMY, LINK, and LTC price increases. On the weekly chart below, we see that the coin is sitting at an important level since it was its highest point in 2021.
Bitcoin price forecast
Bitcoin is in the process of forming a cup and handle pattern, which is a popular sign of continuation. This pattern is characterized with a cup and a consolidation or pullback when the price hits the upper side of the cup. It is now forming the handle section.
There are other bullish signs for Bitcoin. It remains above all moving averages while the Relative Vigor Index (RVI) has pointed upwards. The RVI indicator is a popular oscillator that measures the strength of a trend.
Therefore, there is a likelihood that the Bitcoin Cash price will soon have a bullish breakout, as buyers target the next important resistance at $80,000. If this happens, it means that other altcoins like Jasmy, Chainlink and Litecoin will continue rising. In most cases, these altcoins do well when Bitcoin is in a strong bull run.
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