Bitcoin remained stable on Sunday, even as several prominent altcoins registered notable gains, in spite of the macroeconomic conditions being affected by a significant increase in precious metals.
As of 10:35 a.m. UTC, the total market cap for cryptocurrencies was at $3.06 trillion, reflecting a 0.8% rise over the preceding 24 hours. Bitcoin increased by 0.5% to $87,872, while ether also rose by 0.5%, reaching $2,939. Among the notable altcoins, XRP increased by 1.1%, solana climbed 1.3%, and increased by 1.3%, collectively outperforming bitcoin and ether during the same timeframe.
Bitcoin stays within a narrow range close to $88,000
The 24-hour BTC-USD price chart from TradingView (based on Bitstamp data) indicated that bitcoin was fluctuating within a limited bandwidth. Following a dip earlier in the session, it found support around the mid-$87,500s, then rebounded towards the upper threshold near $87,900. Each attempt to break higher faced selling pressure, while declines were relatively minor, reflecting a consolidation pattern in low weekend liquidity.
Crypto analyst Michaël van de Poppe commented on X that bitcoin is trapped within a range of approximately $86,500 to $90,000. He noted that another probe at the lower limit could be significant, as repeated attempts can undermine support over time. Should buyers falter in defending that level, he would then envision targeting $83,000, followed by $80,000 as possible downward areas.
Conversely, van de Poppe indicated that a rise back towards $90,000 would be beneficial if it concurrently holds bitcoin above its 20-day moving average, which is a frequently monitored short-term trend indicator. Successfully reclaiming that level could pave the way for a stronger advancement toward $105,000.
Glassnode’s on-chain insights outline potential pressure points
Glassnode released an update revealing a slight shift in several key on-chain price models, with spot trading around $87,800. The analytics firm highlighted that the short-term holder (STH) cost basis stands at $99,900, the mean for active investors at $87,700, the true market average at $81,100, and the realized price at $56,200.
In on-chain evaluation, the short-term holder cost basis serves as a guideline to where newer market entrants have typically made their purchases. With current trading well beneath that mark, numerous recent market participants find themselves at a loss, a scenario traders often monitor, as rallies toward that level may encounter resistance from sellers eager to break even.
The mean for active investors is nearly identical to current spot prices. Essentially, this indicates that bitcoin is trading around a midpoint linked to coins that have changed hands recently, a situation often leading to sideways price movements as slight fluctuations adjust this group between small gains and losses.
Beneath the current price levels, the true market mean, hovering around $81,100, is frequently viewed as a deeper valuation reference rather than a prediction, while the realized price, about $56,200, represents the overall on-chain cost basis of the entire supply and is generally regarded as a long-term benchmark.
Precious metals rally sharpens macroeconomic focus
Beyond the crypto sphere, precious metals remained prominent as investors continued seeking traditional inflation hedges amid long-term purchasing power concerns.
The Kobeissi Letter noted on Friday that silver has surged approximately 155% year-to-date, momentarily ranking as the world’s third-largest asset by market capitalization, while gold has increased about 72% this year. The firm drew parallels to 1979 when inflation rates were similarly high.
Fred Krueger, author of “The Big Bitcoin Book,” who described himself as “not much of a chartist,” remarked on X that he observed a pivotal line on a bitcoin/silver chart, raising the possibility that bitcoin could advance by 50% while silver could decline by 50% in the short term.
In a subsequent post roughly 15 minutes later, Krueger argued that silver lacks the network effects of bitcoin, suggesting that as silver rallies, it could quickly reverse as interest wanes. He posited that supply might respond in under a month, starting with scrap metal, and raised the question of why some investors didn’t simply invest in bitcoin instead.
