Bitcoin pushes onwards to the $9500 region while most altcoins followed with some amazing gains but if BTC continues to surge, will the altseason be at risk? Let’s find out in the latest Bitcoin news.
Reacting to the positive news, Bitcoin pushes onwards to the $9500 price range while reaching an intraday high of $9560. On the way up, the number one cryptocurrency took most of the altcoins along with it and they managed to push down the Bitcoin dominance to 61%. Following the few weeks of stagnant price action, Bitcoin made a strong move a few days ago and broke the $9300 resistance line but some speculate that the asset cannot sustain its run while BTC stayed above that level and increased even further.
The latest price increase could be a direct consequence to the news from the letter issued by the Office of the Comptroller of the Currency which informed the Federal Banks that they can start offering crypto custodial services. The OCC explained that all of the users that hold crypto-assets need safe custody of the assets from the recognized institutions such as banks. The technical aspects behind Bitcoin suggested that a $9300 level turned into the first line of defense for now followed by the $9200 level. Another huge support lies at the psychological point of $900 which shows the 100-days moving average.
If Bitcoin tests the $10,000 soon, it will have to surpass the $9,650 and the $9,800 level. During the trading session of yesterday on Wall Street, three most prominent US stock market indexes registered minor gains such as Dow Jones recording one of 0.62% and S&P500 up by 0.57%. while Bitcoin reclaimed ground in terms of price, the altcoins cannot be underestimated. The metric measuring the total market cap of altcoins moved in an unfavorable position as Bitcoin’s dominance also dropped to 61%.
This suggests that most of the altcoins increased their positions more than Bitcoin did. For example, Chainlink and Ethereum are up 7% while Bitcoin Cash, Bitcoin SV, Cardano, and Litecoin also increased by 3%. Ampleforth on the other hand lost the most, as it is down by 24% to $1.87 while RLC dropped by 10%. Swipe finally retraced by 8% to $1.60. Despite the current surge in altcoin prices, Bitcoin will likely continue increasing and the altcoins will lose some ground.
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