- Bitcoin may face a pullback soon, with $97,000-$99,000 range seen as a key support level for potential decline.
- Market cap must stay above $840 billion for Bitcoin to maintain bullish momentum and avoid a longer consolidation phase.
- Bitcoin dominance remains high, making it difficult for altcoins to break out, while BTC leads with new all-time highs.
Bitcoin is showing signs that it could go down in value over the next few weeks. Daan Crypto Trades stated that there is a high likelihood the $97,000-$99,000 range will act as a support if Bitcoin declines. The region is supported by several indicators, including the range prices have traded in these past few days, the Fibonacci .382 and the daily 200-period moving average (200MA).
Bitcoin succeeded in remaining above the key level of $104,000 which is important for the bulls. But many traders are still expecting a price rise above its previous all-time high. Although a number of people think BTC will rise, others have become more cautious after its latest price decline. Because of the present market activity, it might be better to take time and wait for more favorable conditions.
Source: X
Bitcoin’s Strength Pushes Altcoins Down
Altcoins have largely stayed in a flat range. Bitcoin is still leading the way with new all-time high records. However, none of the altcoins has yet come close to the achievements of BTC. For the bullish trend to hold, the market cap must remain at or above, $840 billion. BTC needs to keep this level to maintain its bullish trend from April lows.
BTC dominance is currently very high compared to its past. If the dominance continues, it’s likely that altcoins will keep finding it difficult. Just a few of the altcoins are taking in liquidity, while most fail to perform. BTC strong position is preventing many small cryptocurrencies from succeeding.
Source: X
Key Levels to Watch for Future Growth
The future of BTC depends on whether it can hold above $104,000. If the price goes down to $97,000-$99,000, it could be a good time for buyers to grab BTC. Further growth over BTC’s all-time high would strengthen bulls’ confidence. Such a rejection on the short term could be a hint that an important trend will not happen right away and a new phase of consolidation is beginning.
The $840 billion point for the overall market value will be closely watched. As long as this level is intact, it might support more growth in Bitcoins. BTC will most likely lead the way, since altcoins are still likely to face challenges. Careful monitoring of BTC actions will be necessary by market participants because a pullback could occur.
Read More: Bitcoin’s Head & Shoulders Pattern: Can BTC Hold $106,800 or Drop to $103,000?