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.
Traders appear to be waiting for a trigger to start the next leg of Bitcoin’s uptrend and if that happens, XLM, MIOTA, XMR and XTZ could join the party.
According to professional trader Scott Melker, Ethereum’s “tremendous upside potential” could overshadow Bitcoin this year.
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.
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 price might be pinned below $60,000, but that’s not stopping THORChain, Akropolis and Helium from chasing after new all-time highs.