DOGE, MKR, OP and XDC gain strength as Bitcoin price stays range-bound

Bitcoin's price consolidation gives altcoin traders confidence that DOGE, MKR, OP and XDC could break out.
Bitcoin (BTC) has been stuck in a tight range for the past few days. A minor positive is that the range is forming near the last local high.
Bitcoin's consolidation took its market dominance from 50% to 48% on June 30. This indicates that market participants are gradually shifting their focus to certain altcoins that are starting to rise.
However, an altcoin recovery will likely only stay in place until Bitcoin shows strength. If Bitcoin drops sharply, the possibility of selling altcoins remains high. While certain altcoins offer trading opportunities, cryptocurrency traders should be cautious and keep a close eye on Bitcoin's price action.
What are the important support and resistance levels to watch out for in Bitcoin? Let's examine the charts of the top 5 cryptocurrencies that may try to move in the near term.
Bitcoin price analysis
The bulls have managed to hold Bitcoin above the 50-day simple moving average ($29,377) for the past few days, but a negative sign is their inability to push the price above the 20-day exponential moving average ($29,670).
The bears will try to strengthen their position by pulling the price below the immediate support at $28,861. If they do, it will suggest that the BTC/USDT pair could stay in a range between $31,000 and $24,800 for a while. The gradually descending 20-day EMA and the relative strength index (RSI) in the negative zone point to the advantage for the bears.
This bearish view will be invalidated if the bulls push the price above the 20-day EMA. The pair could then rise to the overhead resistance zone between $31,000 and $32,400. The bulls will have to break through this hurdle to signal the start of a new uptrend towards $40,000.
The 20-EMA has flattened and the RSI is near the midpoint, showing an equilibrium between supply and demand. The pair is stuck in a tight range between $28,861 and $29,690.
A break and close above the overhead resistance will indicate that the advantage is turning in favor of the bulls. The pair could then rally to $30,500 and later to $31,500.
Alternatively, if the price drops and dips below $28,861, it will show that the bears are in control. The pair could decline to $27,500 later.
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