Altcoins Bloom While Bitcoin Makes It Above $43,000: Has the BTC Price Rally Re-Initiated?
The post Altcoins Bloom While Bitcoin Makes It Above $43,000: Has the BTC Price Rally Re-Initiated? appeared first on Coinpedia Fintech News
The crypto markets have again displayed a contrasting trade! The tokens, which are believed to carry out a positive upswing, are now stuck within a narrow range, while the star crypto has reached $43,000. Bitcoin was considered to be trading under bearish conditions regardless of the interim swings. However, the recent price action suggests that the BTC price is preparing for a huge price action to reach the pivotal resistance at $45,000 at the earliest.
The markets recorded a notable pullback of certain tokens like Ethereum, Solana, BinanceCoin, Dogecoin, etc. that plunged below their thresholds at $2,300, $100, $300, & $0.08, respectively. The latest push of the BTC price over $43,000 has caused all these altcoins to rise above their levels. What if Bitcoin faces rejection again? Will the altcoins hold enough strength to maintain an ascending trend?
The altcoin market cap has approached some important levels, which may have a huge impact on the upcoming trend. A sudden increase in the RSI levels suggests excessive use of bullish strength, which could end up in exhaustion. This has caused the levels to slightly deviate before reaching the upper resistance of the decisive symmetrical triangle. Despite this, the rally continues to trade under bullish influence. Even if the levels drop, the MA levels, which have converged around the same point, may offer a strong base to trigger a healthy rebound.
The buying pressure has accumulated, which may keep the levels above the lower support zone around $650 billion. Therefore, despite a substantial drop in trading volume, the altcoins may hold above the levels and flow along the Bitcoin (BTC) price, which is displaying significant strength. However, the rise in Bitcoin dominance may be a matter of concern as the levels have entered the bullish range, which may hinder the altcoin rally.
Filed under: Bitcoin - @ February 2, 2024 6:53 am