Bitcoin Breaks Above Recent Range, Major Altcoins Take Center Stage
The digital asset market has seen a significant shift in focus after Bitcoin broke above its recent trading range, according to Wintermute. The market maker noted that major macroeconomic events have been absorbed, allowing key variables to be cleared.
Bitcoin and Ethereum moved above the upper end of their previous ranges, with Bitcoin trading between $75,000 and $81,000 last week and reaching a weekly close of $81,159. It was its first weekly close above the 50-week moving average since early November last year.
The rebound in Bitcoin was also supported by spot exchange-traded fund flows, which saw net inflows of $433 million on Friday after initial withdrawals. This brought weekly net outflows down to about $6 million.
Wintermute predicts that market attention will shift back to major digital assets such as Bitcoin, Ethereum, Solana (SOL), and Hyperliquid (HYPE) for now. However, if Bitcoin extends its gains, capital may later rotate into small- and mid-cap altcoins.