Crypto traders are choosing bitcoin over other altcoins and the crypto market has come down from the $125 billion to $52 billion. However, the bitcoin price is still in a very comfortable position above the $5,300 price point so in today’s coming altcoin news we find out why is this the case.
The value of the overall crypto market is down but other altcoins were doing particularly well at the same time when bitcoin demonstrated a sideways pattern. Also, when the number one cryptocurrency remained in a tight price range, a lot of the altcoins were doing just fine. Due to the lack of upside momentum in the altcoins, crypto traders are becoming less confident in the near-term opportunities of the altcoins.
Some crypto traders that are recognized in the crypto space say that the altcoin market failed to test the key resistance levels over the weekend and was unable to find new momentum and to extend the gains. One of them even stated:
“Both were rejected from resistance, altcoins a bit harder. A lot of my confidence in altcoins the past few days was predicated on smallcap dominance being able to break up. After this rejection, I’m significantly less interested in altcoins. Shifting my portfolio heavier skewed to BTC.’’
Over the past 24 hours, some of the tokens such as Ravenco (RVN), Golem (GNT), and Basic Attention Token (BAT) have recorded losses up to 10 percent against both the US dollar and Bitcoin. In this case, some of the crypto traders suggest that if the momentum of the altcoins slows down, bitcoin could possibly retrace in the upcoming days merely based on the technical indicators and the performance of bitcoin in the past seven days.
One of the most popular crypto traders and analyst Hsaka, says that a retest of the $5,160 support level is expected for Bitcoin in the short-term price movement:
“Expecting a test of the 5160 level. Since it’s already been tested twice, will watch PA on the LTFs to determine whether I take a long or not.’’
If the volume of the number one cryptocurrency can be sustained in the following weeks over $300 million, crypto traders can remain calm since the asset will likely stay above the $5,300 key resistance level.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post