Bitcoin (BTC) has led the rest of the cryptocurrency market to witness some sharp declines in the past few days. BTC's recent move below $ 10,000 has resulted in many altcoins being pulled into the downward spiral, despite having previously recorded significant profits.
While the decline of the entire market is conspicuous in the past few days, it is important to note that Bitcoin is now approaching an important support level – the level that can determine the fate of altcoins.
If BTC can bounce from this level, a leading analyst believes that altcoins will continue to outperform digital currency No. 1.
Bitcoin bounced off the critical support level after seeing an overnight sell-off
Overnight, the Bitcoin bear extended its recent sell-off of Bitcoin by pushing it to a low of $ 9,500 – where BTC could find support to push it higher.
The king is currently trading sideways at around $ 9,600 – right in the middle of the critical support area in the range 9,500 USD to 9,700 USD.
Today's bearish movement for this important price area has led major altcoins to witness some chaotic price actions, with XRP down 2% while Ethereum up 1.8%.
This mixed price action appears to have marked the beginning of a period of consolidation for these cryptocurrencies, with their future price action likely to depend and Bitcoin being able to continue. on the short term key support or not.
However, if this price breaks, the recent downtrend could turn into a continuous pullback that is significantly deeper.
Luke Martin – a leading cryptocurrency analyst, recently explained that Bitcoin's ability to stay above this level of support will provide opportunities for altcoins and an increase from this level could make the altcoin season near. This lasted longer.
“This weekend, major altcoins pulled back against Bitcoin when BTC fell. As BTC gains potential support today, stop the decline right now, allowing ETH and other altcoins to start to bounce. If Bitcoin's uptrend continues – I hope altcoin will work better. ”
The way BTC responds to the current price area in the coming hours / days will give a clearer view of whether altcoins can continue to witness parabolic protests over the next month.
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According to CryptoSlate
Translated by ToiYeuBitcoin