Can Bitcoin Drive Aptos Towards the $2 Mark?

Can Bitcoin's momentum push Aptos towards the $2-level?

Summary:
Aptos [APT] has gained 1.34% in the past 24 hours and experienced a weekly rally of 15.8%. Bitcoin [BTC] also performed well, rising by 1.5% as it approaches the $90,000 resistance level. With this potential momentum from Bitcoin, traders are curious whether Aptos can benefit, or if they should adopt a more cautious approach.

Key Takeaways:

Aptos has seen a 1.34% increase in the last 24 hours and a notable 15.8% rise over the week.
Bitcoin's price movements are driven by technical factors and upcoming options expiry, suggesting a possible market rally.
Analysts do not foresee a long-term recovery for Bitcoin, despite short-term opportunities.
Traders should focus on the range between $1.56 and $1.69 when considering Aptos trades.

Assessing Aptos’ Long-Term Trend

Aptos 3-day Chart Source: APT/USDT on TradingView

In August 2024, Aptos rebounded from a low of $4.32, ending the year at $15.33. Many anticipated that 2025 would be a strong year for altcoins; however, the reality has been quite the opposite.

The low of $4.32 subsequently became a support level, but during the crash on October 10th, Aptos bulls struggled to counter the selling pressure. Currently, the price is testing the $1.72 level as resistance.

The Relative Strength Index (RSI) is showing some recovery from extremely oversold conditions, while the On-Balance Volume (OBV) has reached lows not seen since 2022, indicating consistent selling pressure on APT in recent weeks.

Will a Bitcoin Recovery Help Change Aptos’s Downtrend?

According to AMBCrypto, analysts are skeptical about Bitcoin establishing a sustained upward trend from this point. The most optimistic scenario involves a bounce to $100,000 and potentially up to $112,000, fueled by liquidity.

While there is some positive movement from whale accumulation, it may not be sufficient to reverse the current downtrend. This situation suggests that traders might see a short-lived bounce, but should be cautious about anticipating a reversal of the long-term downtrend.

Traders’ Strategy – Navigating the Range and Staying Bearish

Aptos 2-hour Chart Source: APT/USDT on TradingView

The lower time frame chart indicates a price range formation between $1.56 and $1.69. Traders can consider these price extremes for entry points, aiming for trades targeting the opposite end of the range. A successful breakout above $1.70 followed by a retest could lead to a price increase towards $1.90-$2.

Conversely, a drop below $1.56 would signal the continuation of the downward trend.

Final Thoughts

Disclaimer: The information in this article does not serve as financial, investment, or trading advice. It solely reflects the writer’s opinion.