Analysts believe that Bitcoin and altcoins might enter a new upward trend over longer timeframes, as the signs become more apparent despite the recent consolidation in BTC's price.

Bitcoin surpassed $64,000 before the weekly close on April 28, while altcoins sought to rebound.

Data from TradingView indicated a stronger price action for BTC over the weekend. After hitting weekly lows of $62,400, BTC/USD bounced back and managed to hold a higher ground, settling around $63,500.

Altcoins also performed well during "off-hours" trading, with the total market cap for altcoins rising by about 1% on the day.

"The altcoins have rebounded quite well, but they still need to break the pattern of setting weekly highs from Monday to Tuesday," replied the popular trader Skew on X (formerly Twitter), referencing recent market trends.

Skew, however, suspected that selling pressure might kick in for Bitcoin around its peak levels, potentially holding back the bulls from making further progress.

"The altcoins have rebounded quite well, but they still need to break the pattern of setting weekly highs from Monday to Tuesday," replied the popular trader Skew on X (formerly Twitter), referencing recent market trends.

Skew, however, suspected that selling pressure might kick in for Bitcoin around its peak levels, potentially holding back the bulls from making further progress. #BTC #bitcoin #bitcoinhalving #AltcoinStrategies #Cryptocurrencies