Crypto Pulse: Bitcoin's Coiled-Up Action and the Altcoin Dominance Shift
Cryptocurrencies maintain their positions, with Bitcoin remaining stable and Ethereum picking up speed – so, what's the next move?
Hey there, crypto aficionados! Let's dive into the vibrant world of cryptocurrencies and dissect the latest happenings in the market.
Bitcoin [BTC] soared from $93.8k to $103.6k from the 6th to the 9th of May, only to chill out since. But don't be deceived by this lull – the unpredictable king of crypto may be gearing up for another move soon.
This temporary coiled-up price action could signal a coming consolidation phase before the next wave. While Bitcoin's activity has eased compared to its post-April 20th rally, Ethereum [ETH] hasn't missed a beat, surging a whopping 13.4% over the past five days.
This altcoin boom has lowered Bitcoin Dominance, suggesting the altcoin market is outperforming BTC in the short term. Confidence in the market seems on the rise.
Analysts anticipate a bullish Bitcoin move in the near future, but what might this look like?
Brace Yourself for a Bitcoin Descent to $100k!
Since mid-May, a range formation from $101.7k to $104.8k has emerged on the 2-hour Bitcoin chart. At present, the price has slipped beneath the mid-range support of $103.3k, hinting at a test of the range lows.
Additionally, the On-Balance Volume (OBV) is also testing the lows formed on the 9th of May, indicating that sellers have gained an edge in the short-term.
A glance at the liquidation heatmap of the past week reveals that the $106k and $98.6k levels are the most potent magnetic zones nearby. However, build-ups of liquidity can be found closer to the current market price at $102.4k and $100.3k. Coupled with the slump in the OBV and the price's dip below the mid-range level, another Bitcoin descent to $100.3k, or perhaps even as far as $98.6k, seems likely.
Disclaimer: These observations and forecasts should not be considered as financial, investment, or other types of advice.
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[1] Analyst Predicts Bitcoin to Top $200K in 2025 Amid Rising Institutional Adoption
[2] Following BTC's Price Surge, Predictions for the rest of the Year Emerge
[3] Crypto Market Volatility Decreases as Bitcoin and Altcoins Stabilize
[4] World-Renowned Investor Tim Draper Predicts Bitcoin at $250K by 2022
[5] As Investors Reveal Portfolios, Crypto Analysts Debate Future Price Predictions
- Despite Bitcoin's current lull, some analysts anticipate a bullish move in the near future, which might drive the price down to $100k first.
- The current altcoin boom has been lowering Bitcoin Dominance, suggesting that the altcoin market is outperforming Bitcoin in the short term.
- Ethereum has continued to surge, outperforming Bitcoin's temporary price action, and has seen a 13.4% increase over the past five days.
- The ongoing Congressional stablecoin bill debate has been a hot topic in the crypto technology world, and many are eagerly awaiting its decision before the end of May.
