The crypto market is showing signs of life today, with Bitcoin and Ethereum both posting gains and turning bullish in the past 24 hours. Meanwhile, signs of the long-awaited “altseason” – a period where altcoins (cryptocurrencies other than Bitcoin) significantly outperform Bitcoin, have started to emerge. While Bitcoin and Ethereum made solid gains in the last 24 hours, several altcoins also picked up steam, making analysts watch closely to see if an altseason is truly kicking off. BTC, ETH Prices Climb on US-China Trade Talk Hope Bitcoin has surged by 2% in the last 24 hours, successfully reclaiming the $96,000 level. Ethereum has followed suit, pushing above $1,800 and setting its sights on the 50-day Exponential Moving Average (EMA) currently at $1,851. This positive price action appears to be fueled by news of potential de-escalation in the ongoing trade tensions between the United States and China. Reports indicate that US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are scheduled to meet with Chinese officials in Switzerland this week. These will be the first confirmed trade discussions since the Donald Trump administration’s imposition of 145% on China, a move that was met with retaliatory measures from Beijing. Related: Bitcoin, Altcoins Fall as US Tariff Hike on China Spooks Global Markets TOTAL2 Analysis The TOTAL2 chart below shows the total market capitalization of all cryptocurrencies excluding Bitcoin hovering around the $1.02 trillion mark. The price action appears to be consolidating near the 20-day Simple Moving Average (SMA), indicated by the blue line. The Bollinger Bands (green and red lines) are relatively tight, suggesting a period of lower volatility, which aligns with the compressed volatility observed in Bitcoin. Related: Gold vs Altcoins: Capital Shift Deepens Ahead of FOMC Meeting Source: TradingView A decisive break above the upper Bollinger Band (currently around $1.08 Trillion) with increasing volume could signal the start of a bullish move for altcoins. The Moving Average Convergence Divergence (MACD) indicator shows the blue MACD line crossing above the orange signal line. This is a bullish signal as well. Spotlight on Altcoins: Signs of Individual Strength The significant 30-day gain of over 80% for SUI, coupled with a bullish bull flag pattern and a target above its all-time high, indicates strong individual altcoin momentum. $SUIConsolidating in a bull flag under resistance. Lots of potential here. pic.twitter.com/AFV6SuvpCm — The Wolf Of All Streets (@scottmelker) May 7, 2025 Meanwhile, LINK has formed an inverse head and shoulders pattern with a target of $18.25 and suggests potential for significant gains in this specific altcoin. A successful breakout could attract further interest in other altcoins within the market. Source: X The positive sentiment surrounding ONDO, linked to real-world asset (RWA) tokenization and partnerships with prominent institutions, suggests potential for strong price rebound. Analyst Ted Pillows predicted a dip followed by a new all-time high. While SOL is eyeing a retest of its 20-day EMA support at $143 and trades at $146.10 with a strong 50% surge in trading volume indicating significant interest. Holding above key support levels could pave the way for future upward movement. Finally, HBAR’s is up 32% in the past month demonstrating underlying bullish momentum. A successful break above the upper Bollinger Band resistance at $0.20 could trigger further gains. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.