Bitcoin Holds Above $103K, But Altcoins Start Fighting Back
- Bitcoin holds above support, but dominance nears a strong resistance zone.
- Altcoins closed a green monthly candle, showing early signs of strength.
- Ethereum testing key levels near 200-day average for breakout.
Bitcoin’s price has been rising and recently made an attempt to break above $105,000. However, it is now trading just below $104,000, still holding strong above key support levels.
Bitcoin Dominance Reaches Key Resistance, Pressures Altcoin Performance
Meanwhile, Bitcoin dominance has also increased and is now hitting a major resistance zone between 60.30% and 65.20%. This range has acted as a barrier in the past. Many analysts had hoped Bitcoin would slow down to give altcoins a chance to rally, but that hasn’t happened yet.
With about 20 days left in the month, there’s a chance Bitcoin’s dominance could rise even higher. This is important for altcoins because when Bitcoin dominance increases, altcoins usually struggle to keep up. A possible warning sign is emerging too — momentum indicators like the Stochastic RSI are showing a divergence.
Altcoins Show Underlying Strength Despite Market Fear
The post Bitcoin Holds Above $103K, But Altcoins Start Fighting Back appeared first on Coin Edition.
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Bitcoin Holds Above $103K, But Altcoins Start Fighting Back
- Bitcoin holds above support, but dominance nears a strong resistance zone.
- Altcoins closed a green monthly candle, showing early signs of strength.
- Ethereum testing key levels near 200-day average for breakout.
Bitcoin’s price has been rising and recently made an attempt to break above $105,000. However, it is now trading just below $104,000, still holding strong above key support levels.
Bitcoin Dominance Reaches Key Resistance, Pressures Altcoin Performance
Meanwhile, Bitcoin dominance has also increased and is now hitting a major resistance zone between 60.30% and 65.20%. This range has acted as a barrier in the past. Many analysts had hoped Bitcoin would slow down to give altcoins a chance to rally, but that hasn’t happened yet.
With about 20 days left in the month, there’s a chance Bitcoin’s dominance could rise even higher. This is important for altcoins because when Bitcoin dominance increases, altcoins usually struggle to keep up. A possible warning sign is emerging too — momentum indicators like the Stochastic RSI are showing a divergence.
Altcoins Show Underlying Strength Despite Market Fear
The post Bitcoin Holds Above $103K, But Altcoins Start Fighting Back appeared first on Coin Edition.
Read More