Bitcoin’s Weekly Close Was Bullish, While Altcoins Continue to Bleed-Here’s What You Can Expect This Week
The post Bitcoin’s Weekly Close Was Bullish, While Altcoins Continue to Bleed-Here’s What You Can Expect This Week appeared first on Coinpedia Fintech News
The crypto space began a new weekly trade, hoping to remain bullish for the rest of the week. Bitcoin, the star crypto, closed the weekly trade with a green candle, flashing the possibilities of a bullish week ahead. Besides, the majority of the altcoins continue to trade under a bearish influence after closing the weekly trade on a bearish note or slightly within the bullish levels.
Hence, pointing towards the possibility of Bitcoin dominating the rally again in the coming days, which may propel the BTC price towards new highs, similar to the previous one. When will the BTC price mark the new ATH? Will altcoins continue to bleed until then?
The bitcoin price continues to hover close to $26,500, failing to surpass $27,000 for the past couple of days. Despite the token having sustained above the gained levels, the bearish influence continues to prevail as the bulls remain exhausted after driving the price from the lows below $25,000. So, here’s what you can expect with the BTC price in the coming week!
After the recent bounce back, the BTC price continues to trade within a bullish setup and may continue to do so for some more time. The price bounced off after sliding down from the lower support, which collided with the lower trend line at $25,058. Since then, the price has continued to remain elevated within an ascending triangle, with the upper resistance at $27,492. The trend is expected to maintain an ascending consolidation as traders shift their focus back to the flagship crypto as altcoins bleed.
The altcoin market cap, after sliding down from the trend line, lost crucial support along the 200-day MA levels. This dragged the level below $500 billion for a while. Although the levels have recovered, the fear of an extended plunge continues to prevail. The altcoin volume continues to hover below $100 billion, which indicates a lack of volatility.
Now that Bitcoin’s dominance continues to rise, the altcoins may continue to face the heat as traders appear to be bullish on prices in the long term. Therefore, the BTC prices may continue to maintain a healthy ascending consolidation throughout the week. Meanwhile, altcoins may try to follow but the lack of volume may keep them below the major resistance.
Filed under: Bitcoin - @ June 19, 2023 2:57 am