Bitcoin traded in a narrow range on Sunday, as several major altcoins posted stronger gains, despite the broader macroeconomic backdrop remaining dominated by a historic rally in precious metals.
As of 10:35 UTC, the total crypto market cap stood at $3.06 trillion, up 0.8% over the past 24 hours. bitcoin rose 0.5% to $87,872, and ether gained 0.5% to $2,939. Among major altcoins, XRP climbed 1.1%, solana advanced by 1.3% and rose 1.3%, all outperforming bitcoin and ether during the same period.
Bitcoin remains range-bound near $88,000
TradingView’s 24-hour BTC-USD price chart (based on Bitstamp data) showed bitcoin trading in a narrow band. After sliding earlier in the session, the price found support at the mid-$87,500 level before rebounding towards the upper end of the range, near $87,900. Each upward attempt ended in a sell-off, while pullbacks were relatively light, a trend consistent with the consolidation of low liquidity from the weekend.
Crypto analyst Michaël van de Poppe said on X that bitcoin remains stuck between around $86,500 and $90,000. He said another test of the lower end of that range would be important because repeated retesting can weaken support over time. If buyers fail to defend this area, he said he would next look to $83,000 and then $80,000 as potential downside areas.
On the positive side, van de Poppe said a move back towards $90,000 would be constructive if it also placed bitcoin above its 20-day moving average, a commonly observed short-term trend indicator. Regaining that level, he said, could pave the way for a stronger advance toward $105,000.
Glassnode’s on-chain levels frame where pressure can emerge
Glassnode released an update showing that several widely followed on-chain price patterns have changed slightly, with spot trading around $87,800. The analytics firm quoted the short-term holder’s cost basis (STH) at $99,900, the active investor average at $87,700, the actual market average at $81,100 and the realized price at $56,200.
In on-chain analysis, the short-term cost of ownership basis is commonly used as a benchmark to determine where new buyers entered the market on average. With spot trading well below this level, many recent participants are underwater, a condition traders often monitor as rallies to this area can result in selling from holders looking to exit near break-even.
The average of active investors is almost exactly at current spot levels. In practical terms, this suggests that bitcoin is trading near a midpoint associated with coins that have moved more recently on-chain, a setup that often coincides with sideways price action as small moves quickly flip this group between a modest profit and loss.
Below current prices, the true market average near $81,100 is often treated as a further evaluation benchmark rather than a forecast, while the realized price near $56,200 represents the overall on-chain cost basis of the entire supply and is generally considered a long-term benchmark.
Precious metals rally keeps focus on macroeconomic situation
Outside of crypto, precious metals remained in the spotlight as investors continued to turn to traditional inflation hedges due to concerns over long-term purchasing power.
The Kobeissi Letter highlighted Friday that silver is up about 155% year to date, briefly becoming the world’s third-largest asset by market capitalization, while gold is up about 72% this year. The company compared the move to 1979, when inflation was reaching double-digit levels.
Fred Krueger, author of “The Big Bitcoin Book,” who said he was “not really a chartist,” said on
In a follow-up post about 15 minutes later, Krueger argued that silver lacks the network effects of Bitcoin, saying that the more silver spikes, the faster it could fall as the narrative fades. He also said supply could respond in less than a month, starting with scrap, and suggested some investors might ultimately wonder why they didn’t just buy bitcoin instead.
