Bitcoin remains in an uptrend but is facing signs of exhaustion above $13,200, suggesting that a minor correction could drag altcoins lower.
Bitcoin is showing signs of profit booking, resulting in a slight downturn in altcoin prices.
Bitcoin hit a new 2020 high and altcoins rallied as PayPal announced that it will support crypto payments.
The price of Bitcoin is nearing $12,000 once again, which may be the signal for the start of a massive new bull cycle.
Traders are accumulating Bitcoin on dips and a break above $11,600 could resume the uptrend to $12,000.
The recent weakness in the dollar is giving Bitcoin some momentum to possibly test multi-year highs.
Bitcoin and most major altcoins are sustaining above their immediate support levels, increasing the possibility that the uptrend will resume.
Bitcoin’s strength above the $11,500 multi-year resistance is also pulling many altcoin prices higher.
Bitcoin price could achieve a new 2020 high if bulls hold the price above the key multi-year resistance at $11.5K.
Bitcoin and select altcoins have broken out of their bullish setups, hinting that further upside could occur through the weekend.