Investors are currently considering whether Bitcoin (BTC) is the best crypto to buy now as it consolidates just above $63,000. With gains of over 10% from last week’s lows, Bitcoin saw a surge in demand for spot Bitcoin ETFs following softer-than-expected US jobs data. While Bitcoin is currently near its 21-day moving average, it faced resistance at its 50-day moving average when it reached the mid-$65,000 range. This indicates that while the short-term downtrend has been broken, the bulls have not fully taken control yet.
It is expected that Bitcoin will remain rangebound between $56,000 and $74,000 in the coming months as it typically takes 4-6 months for the price to rally substantially after a halving event. The current consolidation period may provide an opportunity for accumulation, especially as Bitcoin whales have been increasing their holdings during this time.
In addition to Bitcoin, investors are also looking at alternative cryptocurrencies like AIOZ Network (AIOZ) and Ethena (ENA). AIOZ Network aims to provide interoperability between Ethereum and Cosmos, while Ethena is the DeFi protocol behind the stablecoin USDe. Both coins have shown positive price movements recently and could offer significant gains in the current market.
For those looking for even higher gains, meme coins like Wiener AI (WAI) have also gained attention. With AI trading capabilities and a strong community, WAI has the potential to see significant growth in the future. Investors should be cautious, however, as crypto investments are high-risk and can result in capital loss.