Bitcoin’s weakness and Dogecoin’s epic pump are signals that the market could be overheating and in need of a short-term correction.
Today’s Coinbase (COIN) listing is likely to remain a focal point that will dictate the short-term price action in Bitcoin and altcoins.
Altcoins continue to press higher while Bitcoin bulls work on holding the $60,000 level as support.
With Binance Chain’s 11 validators hand-selecting Binance Smart Chain’s validators daily, analysts are warning of the protocol’s centralization.
The rally in Bitcoin and select altcoins seems to have hit a wall as bears continue to aggressively push back at key overhead resistance levels.
Binance Coin, WazirX and KuCoin Token have notched double-digit gains after centralized exchanges added lucrative staking opportunities and quickly listed new DeFi tokens.
Bitcoin and most major altcoins have bounced off their immediate support levels, indicating an increase in bullish sentiment.
The bullish price action from ETH, BNB, DOT and EOS show that altcoins have capitalized on Bitcoin’s range-bound trading below the $60,000 level.
Select altcoins could rally higher if Bitcoin and Ethereum hold on to their recent gains.
Bitcoin’s renewed push above the descending channel trendline suggests bulls are preparing to push BTC and altcoins to new highs.