Connect with us

Bitcoin

Bitcoin Explodes Towards $12,000 as Altcoins Plunge; What Analysts are Saying

Published

on



  • Bitcoin has been sucking the air out of altcoins for the past few hours, with its price rallying significantly as Ethereum and other altcoins all sell-off
  • This rally has sent it up towards $12,000, which mark fresh highs since its decline from its $12,400 yearly highs first began
  • It does appear that bulls are currently setting their sights on a move past $12,000
  • Unlike Bitcoin’s previous rally – which came about in tandem with that seen by altcoins – this one has come about at the expensive of altcoins
  • One analyst believes that BTC’s smaller counterparts are all incredibly weak at the moment and poised to see further weakness going forward

Bitcoin and the entire cryptocurrency market are beginning to witness heightened volatility once again.

Today, BTC has pushed up towards $12,000 in a sharp move that came about unexpectedly. This move sucked a significant amount of capital away from altcoins, causing many to plunge as BTC rallied.

The price action seen as of late is clearly bullish, and Bitcoin is showing signs of breaking its correlation to the global equities market.

One analyst expects the benchmark cryptocurrency to see further upside, but he notes that altcoins are growing incredibly weak.

Bitcoin Rallies Towards $12,000 as Consolidation Phase Ends

Throughout the past two weeks, Bitcoin had been caught within a tight consolidation phase as its price traded between $11,200 and $11,600.

This firm trading range has since been broken, and BTC is now on the cusp of pushing past its key $12,000 resistance.

At the time of writing, Bitcoin is trading up just over 1% at its current price of $11,900. This is around the highest price it has been since it first declined below $12,000 months ago.

Analyst: Altcoins Express Continued Weakness as BTC’s Strength Mounts

Bitcoin’s current uptrend is occurring during an all-around bloody day for the crypto market, as many altcoins have shed a significant amount of their value as BTC pushes higher.

One analyst believes BTC will see some choppy price action before it can break $12,000.

“Now back to chopping around for a bit, maybe have some bears call for doom again. BTC is looking really good, alts are looking really weak. And we didn’t even properly break out yet,” he said.

Image Courtesy of Cryptorangutang. Source: BTCUSD on TradingView.

The coming few days should shine a light on the long-term significance of this latest push higher.

It should also elucidate whether or not altcoins will continue bleeding as Bitcoin rallies.

Featured image from Unsplash.
Charts from TradingView.





Source link

Bitcoin

Bitcoin sheds $2.5K amid warnings of a repeat BTC price dip

Published

on

By


Bitcoin (BTC) fell precipitously on June 25 after a rejection above $35,000 sparked a rout toward familiar support.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin heads back towards $30,000

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it shed over $2,500 during trading on Friday.

The pair had hit local highs of $35,400 overnight before abruptly reversing trajectory to fall below $33,000.

For popular trader Crypto Ed, the situation was similar to events last month after BTC/USD first bounced at $30,000 support.

“Current, sluggish PA reminds me of a similar situation a few weeks ago….. I thought we did a 1-5 and started next cycle but after 1 more top, BTC made a deeper correction,” he commented on an accompanying chart.

“Thinking we might get the same here.”

BTC/USD scenario. Source: Crypto Ed/ Twitter

That would place Bitcoin in a position to rechallenge the $20,000 corridor which it briefly broke into several days ago.

As Cointelegraph reported, the mood among many traders remains skewed to the cautious side after BTC/USD failed to reach a $37,000 target before its latest rejection. The possibility of a new lower low is thus far from off the cards.

BTC buy interest remains

Signs of underlying confidence nonetheless remain.

Related: Bulls on parade: Galaxy Digital and Alameda pundits tip market recovery

On Friday, it was again El Salvador and its Bitcoin law in the spotlight after president Nayib Bukele announced that every eligible citizen would receive $30 free in BTC for downloading its wallet.

Institutional bullishness meanwhile came in the form of the Purpose Bitcoin ETF, which continued to add to its assets under management throughout the price dip.

Meanwhile, altcoins were flat, with no single asset managing to break out of established trading zones.