Bitcoin could move smaller altcoins with it to the upside in its new moves higher as the number one cryptocurrency saw some wild price action over the past few days and weeks with the selling pressure hitting all-time highs and sparking a few rejections as well so let’s read more in today’s BTC news.
Neither of the BTC rejections seen at this level did a lot to change the crypto trends since it is still pushing higher each time. Where will the entire market trend next will depend on whether or not BTC is able to stabilize in the lower $19,000 region. Visiting the higher levels means that it is a matter of time before BTC breaks another level above. Where will the entire market trend next will depend on whether or not BTC is able to stabilize as one trader noted that if history repeats itself, breaking the all-time high could be all that is needed for the smaller-cap altcoins to see more upsides.
Bitcoin was guiding the entire market over the past few days and weeks which was introduced to some immense volatility. Yesterday morning, BTC rallied as high $19,800 marked an all-time high on some exchanges. This was a historic moment but the bears still tried to lead the move and started a strong rejection at this level. This made BTC to go to lower lows of $18,000 before it found strong momentum and rallied higher. Now, it went back into the lower $19,000 region with more strength up to its sleeve which means that it could increase soon again. One trader says that Bitcoin could move smaller altcoins with it after it reaches an all-time high again.
At the time of writing, BTC is trading down under 2% which marks a decline from the recent highs of $19,800 which were set yesterday, and a surge from the lows of $18,200 that were set hours ago. The reaction to the selloff seems to show that the upside momentum is imminent for the number one cryptocurrency. The recent BTC turbulence made massive impacts on the wild price action seen by other altcoins as one trader noted that a break above the all-time high is a bullish event for the altcoins despite the narrative suggesting that BTC will enter a new price-discovery model that could hamper the growth seen by other coins:
“In last 2 cycles, alts rallied extremely hard each time BTC broke its old high, will it be the same again?”
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