The most popular cryptos in the top 5 are extremely in danger as the most erupting meme coin is about to slice them through. The silent trend of Bitcoin, Ethereum, XRP and Cardano may cost them to move out of the top 5 spot very soon. As Shiba INU price appears unstoppable and ranging with an intention to kill yet another zero in the near future. And hence if the dominant cryptos want to restore their power, they need to wake up now.
Bitcoin Price May Regain Bullish Momentum Soon
The primitive asset dropped with a notable margin sliding below $60,000 in the past trading day registering loss of more than 6%. Not only the BTC price but the entire crypto space plunged with a huge margin. As the market sentiments were flowing through the meme coins specially Shiba INU price. However Bitcoin may regain the lost momentum in order to resume the bull Run very soon.
The SOPR metrics has reset back to 1.0, which is an indicator, indicating the profits or loss booked over a specified time frame. If SOPR is more than 1 it specifies profit, less than 1 is loss. And reset at one means the coins moved that day are mostly the selling coins at break even. And hence it signals that the profitable holders are still holding without extracting profit which is a pretty good sign of a bull run.
Currently, BTC price is consolidating at the crucial levels at the resistance flipped to support levels at $ 58,258. In the short time frame, the price could undergo a slight consolidation before pulling a next leg up. The upcoming rally could be more intense that could uplift the price close to $70,000 as the phone from SHIB price rally may flow back to Bitcoin very soon.