Bitcoin’s Standoff Above $35K
Bitcoin has been practicing its best balancing act, hanging out just above the $35,000 mark for a few days now. The bulls seem a bit shy, unable to push beyond the $38,000 barrier. It’s like they’re trying to climb Mount Everest but keep slipping on the lower slopes. The uncertainty has analysts scratching their heads and biting their nails! Meanwhile, BitGo’s CEO, Mike Belshe, claims that we might be in for a particularly bumpy ride regarding Bitcoin spot ETF applications. Spoiler alert: another round of rejections is expected.
Potential for a Short-Term Correction
Analysts are leaning towards the foreboding possibility of a correction, with some eyeing a potential nosedive to $30,000. But don’t panic just yet! This drop likely won’t spark a bear market. Philip Swift, the brains behind Look Into Bitcoin, suggests that on-chain data still indicates we’re in the early days of a bullish run, reminding us that “no FOMO yet” means the hype train isn’t fully rolling yet.
Altcoins Awaiting Their Moment
As Bitcoin takes a breather, altcoins seem to be itching for their moment in the spotlight. We’re witnessing a mixed bag of performances. Some altcoins are experiencing a minor setback, while others are gearing up for a comeback. Big players like Fidelity and BlackRock have lined up their spot Ether ETF applications, signifying that there’s still plenty of interest in these digital currencies.
Decoding Bitcoin’s Price Action
Bitcoin is currently dancing between resistance levels, trying to pull off a graceful pirouette above the $35,666 level. The upsloping moving averages and the favorable relative strength index (RSI) are like cheerleaders, boosting the bulls’ spirits. However, if they can’t break above the significant wall at $38,000, we might just be looking at a prolonged range-bound situation between $34,800 and $38,000. Be on the lookout!
Spotlight on Rising Altcoins
The altcoin arena is buzzing with excitement! Solana (SOL), Chainlink (LINK), Near Protocol (NEAR), and Theta Network (THETA) are all in various stages of their dance—some just warming up while others are ready to leap into action. Solana is attempting to reclaim its footing above $59, while Chainlink seeks to scale its way back to $16. Each coin presents its own story of potential and uncertainty. Who will break out and who will fall flat? Adventure awaits!
+ There are no comments
Add yours