Altcoins dropping as Bitcoin ($BTC) starts to run out of steam
The post Altcoins dropping as Bitcoin ($BTC) starts to run out of steam appeared on BitcoinEthereumNews.com.
Bitcoin ($BTC) may have topped for now at a price of $$106,500. As the king of the cryptocurrencies starts to run out of steam, the altcoins are beginning to feel the effects of this new wind change. What’s next for Ethereum ($ETH), Solana ($SUI), and Sui ($SUI)? It really does look like gravity is starting to have its effect on the price of Bitcoin. Most indicators are now showing a very overbought condition, and therefore it is likely that a correction could be about to happen. So what about the altcoins when/if this takes place? Market wisdom so far in this bull market is that whenever $BTC drops in price, the altcoins do the same, but at a more accelerated pace. Could things be different this time? There is the possibility that as Bitcoin potentially tracks down and sideways for a time, the altcoins could take the opportunity for a bit of an altseason surge. Bitcoin Dominance breakdown about to be confirmed? Source: TradingView The Bitcoin Dominance chart (BTC.D) shows a real tussle right now. Dominance rose above the top trendline of the wedge at one point, then fell all the way through the wedge, and is now creeping back up to perhaps test the bottom trendline. If a strong rejection takes place, that would be the signal perhaps for altcoins to have some fun. $ETH bulls need to hold $3,900 Source: TradingView The $ETH price is at a very important juncture. If the price can hold above what is now extremely strong support at $3,900, there is the possibility that this could be the new base support for the rest of this bull market. In the short term price action, the price may well go lower, but holding the support at the weekly close is the aim. Last week’s…
Filed under: News - @ December 16, 2024 8:17 pm