Altcoins outpace bitcoin as precious metals' historic rally keeps macro focus sharp

Market Overview - Bitcoin (BTC) traded within a narrow range on Sunday, while several major altcoins experienced stronger gains, amidst a broader macro backdrop influenced by a historic rally in precious metals [1] - As of 10:35 a.m. UTC, the total cryptocurrency market capitalization reached $3.06 trillion, reflecting a 0.8% increase over the past 24 hours, with Bitcoin rising 0.5% to $87,872 and Ether (ETH) also gaining 0.5% to $2,939 [2] Price Action - Bitcoin found support around $87,500 after an initial slide, rebounding towards the upper end of the range near $87,900, with selling pressure limiting upward movements and shallow pullbacks indicating consolidation in thin weekend liquidity [3] - Crypto analyst Michaël van de Poppe noted that Bitcoin remains trapped between approximately $86,500 and $90,000, emphasizing the importance of testing the lower end of this range, as repeated retests could weaken support over time [4] Potential Price Movements - A move back towards $90,000 could be seen as constructive if it places Bitcoin above its 20-day moving average, potentially setting the stage for a stronger move towards $105,000 [5] - On-chain analysis from Glassnode indicated that the short-term holder cost basis is at $99,900, while the active investors' mean is at $87,700, suggesting that many recent participants are currently underwater, which could lead to selling pressure if prices rally towards breakeven [6][7] Trading Dynamics - The active investors mean being close to current spot levels indicates that Bitcoin is trading near a midpoint associated with recently moving coins on-chain, often resulting in sideways price action as small fluctuations can quickly shift this group between modest profit and loss [8]