The cryptocurrency market has grown by 0.71% today, with the altcoin market rising by 0.93%. Bitcoin’s price has increased from $86,912.41 to $87,464.80. However, crypto analyst The Flow Horse warns that this bullish momentum, especially in the altcoin market, may not last long. Why? Let’s take a closer look.
Despite today’s gains, The Flow Horse believes the overall market trend is still bearish.
At the start of the month, the total cryptocurrency market was valued at $3.18 trillion. Since then, it has fallen by 11.63%, while the altcoin market cap has dropped even more, down by 19.4%. Over the past 30 days, Bitcoin has lost 2.1%, and Ethereum has fallen by 15.4%.
Although today’s slight recovery shows some buying interest, The Flow Horse says it isn’t enough to change the broader downward trend.
Right now, the crypto market is still 6.64% below its previous swing high, while the altcoin market is down by 6.89%. Bitcoin itself is 5.76% lower than its last peak.
Bitcoin is currently priced at $87,464.80, but it faces strong resistance between $90,000 and $93,000. The Flow Horse suggests that unless Bitcoin breaks through this range and turns it into a strong support level, the downtrend will likely continue.
Bitcoin’s dominance in the market has increased significantly this year. At the start of 2024, it was at 57.60%, and now it stands at 61.67%.
Since Bitcoin plays a key role in shaping the overall market trend, The Flow Horse notes that altcoins will only perform well if Bitcoin stabilizes. Until then, the market outlook remains uncertain despite today’s gains.
The market may be flashing green today, but until Bitcoin makes its move, altcoins are still walking on thin ice.
BTC must flip the $90K-$93K range into support to confirm a bullish breakout.
With BTC dominance at 61.67%, altcoins can only perform well if BTC stabilizes.
As per Coinpedia’s BTC price prediction, 1 BTC could peak at $169,046 this year if the bullish sentiment sustains.
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