Bitcoin (BTC) has been stuck inside a tight range for the past several days. A small positive is that the range has formed near the recent local high. This shows that the bulls are in no rush to exit as they anticipate another rally.

Bitcoin's consolidation has pulled its market dominance down to 49% from over 51% on June 30. This shows that market participants are gradually shifting their focus to selected altcoins.

However, the altcoin recovery can only be sustained if Bitcoin shows strength. If Bitcoin plummets, the possibility of a sell-off on altcoins remains high. Although selected altcoins offer trading opportunities, traders should be careful and closely monitor the price action of #Bitcoin.

What are the important support and resistance levels to watch out for on Bitcoin? Let's study the charts of the top five cryptocurrencies that could recover in the near term.

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