Bitcoin could not hold its recovery this week, signaling that the bears have not given up and are using the rallies to sell. Bitcoin is on track to finish the week with a loss of more than 4%. The longer the price stays closer to $60,000, the greater the possibility of a downside breakdown.

However, analysts remain bullish on the price action in the post-halving cycle. According to Cane Island Alternative Advisors founder and investment manager Timothy Peterson, Bitcoin could soar to anywhere “between $175,000 - $350,000 in the next 9 months.” Peterson cautioned in a X post that “this bull market will end in January 2025.”
Despite the sideways price action, select traditional finance companies are adding Bitcoin to their portfolio. JPMorgan Chase and Wells Fargo reported exposure to spot Bitcoin exchange-traded funds in their May 10 filing with the United States Securities and Exchange Commission. Although the allocation to Bitcoin is small, it looks to be a step in the right direction.

Will Bitcoin’s range-bound action shift focus to altcoins? Let’s study the top 5 cryptocurrencies that look promising on the charts.
Bitcoin price analysis

The bulls have successfully defended the $59,600 level in Bitcoin but failed to push the price above the 20-day exponential moving average ($62,650). This shows an intense battle between the bulls and the bears.
The downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate advantage to sellers. If the $59,600 level cracks, the BTC/USDT pair could retest the May 1 intraday low of $56,552. This level is expected to attract buyers, but if the bears prevail, the pair may drop to the 61.8% Fibonacci retracement level of $54,298.