Bitcoin is showing signs of topping out but many altcoins remain strong, a signal that the decoupling between the two is likely to continue for a few more days.
Ethereum’s increasing dominance has kept traders focused on altcoins but Bitcoin’s struggle to hold above $59,000 could send the entire market tumbling.
Bitcoin is still stuck in a predictable range below Binance Coin, Cardano, Litecoin and Chainlink have formed bullish patterns suggesting further upside in them.
Altcoins continue to rally higher and Bitcoin’s repeat tests of the $58,000 level signal that bulls are building momentum.
After days of range-bound action, Bitcoin and many altcoins made a strong comeback today, indicating buying at lower levels.
Bitcoin price continues to come under pressure from sellers while Ether and BNB are attempting to buck the trend.
After the initial oversold bounce, traders are struggling to sustain the momentum of the relief rally in Bitcoin and most altcoins, a signal that selling could intensify at higher levels.
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.
The group already has Bitcoin and Ether ETPs listed on the Deutsche Börse Xetra.