Altcoins continue to trend higher, but Bitcoin price needs to turn $35,000 to support in order for the entire market to gain momentum.
Bitcoin price has rebounded above a key trendline but resistance at higher levels may limit the recovery in altcoins.
Bitcoin fell by over $3,300 while options traders see ether going higher.
The price of bitcoin has traded in a tight range Tuesday.
Bitcoin may be down now but there is still growing demand for crypto assets, one analyst said.
Altcoins have entered a slight correction after Bitcoin’s relief rally lost steam and the price dropped below $35,000.
Bitcoin’s price is on a rising trend for the first time this week.
Bitcoin’s huge sell-off by over $8,000 in the past 24 hours while options traders clearly are betting that ether is overvalued.
Traders are buying every dip and pushing Bitcoin price to new highs on a daily basis, triggering many altcoins to follow suit.
XRP has fallen below Litecoin by market cap after a major investor filed a new lawsuit against Ripple.