Bitcoin’s range-bound price action could kickstart BNB, TON, AAVE and HNT
Bitcoin’s price consolidation could convince traders that it’s time to play with altcoins. BNB, TON, AAVE and HNT are the ones on Cointelegraph’s radar.
Bitcoin (BTC) continued its sideways price action as buyers successfully defended the $55,724 support this week. Large fund managers have used the period of consolidation to add spot Bitcoin exchange-traded funds (ETFs) to their portfolios. According to an analysis by CoinShares Research, Goldman Sachs bought $419 million, Capula Management acquired $470 million, and Avenir Tech purchased $388 million worth of Bitcoin ETFs since March.
A report published by cryptocurrency exchange Coinbase shows that institutional investors labeled as investment advisers increased their Bitcoin ETF holdings by 3% in the second quarter of 2024. During the same period, the hedge fund holdings declined slightly. Coinbase believes that the summer period in the United States (June to August) may delay “large inflows,” keeping the price action choppy.
Crypto analyst Matthew Hyland said in a video analysis that Bitcoin is following patterns similar to those in previous US election years. According to that, Bitcoin may remain in the range for “a little bit longer” and break out probably in October or November.
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Author: Rakesh Upadhyay
