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.
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.
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.
Uniswap is currently the second-ranked crypto platform by daily fee generation after Ethereum.
Bitcoin price bounced off the 50-day moving average but the real test is near $57,500 where the bears are likely to push back.
Bitcoin price is still meeting strong sell pressure near a key trendline, indicating the possibility of further downside for BTC and altcoins in the coming days.