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- Altcoins could benefit from more upside momentum if there is a breakthrough of resistance here and $BTC holds firm.
- Altcoins in the green
- Render (RNDR) and Sui (SUI) have shown positive growth on the day so far, with Render increasing by 5.3% and Sui increasing by 8.2% among the leaders.
Bitcoin has surpassed its bullish trend line, which was lost last week, surprising the market. Is $btc set to consolidate above before heading back to the highs, or is this just another trap that's been set up?
Source: Coingecko/Trading View
Bears liquidated - bulls next?
Bears were shaken out of their short positions as $BTC rose back above its trend line last Monday. Currently, things are starting to look much better because the price has consolidated above since then.
As previously mentioned, $btc may still be in trouble. Having shaken out many of the bears after liquidations, it could happen that another dip does the same to the bulls.
According to the liquidation heatmap on Coinglass, $88 million in long liquidations would take place at a price of $41,810, and at $41,389, a further $94 million would be liquidated.
The liquidation of $112 million of shorts at a price of $42,652 is beneficial. Bitcoin's current price range of $39,000 to $44,000 indicates that there will be a liquidation of either a major position from the bears or the bulls.
Given that the $BTC price is again above its trend, it appears that the bears are more probable than the bulls at this point. The final decision regarding this will be made by the market.
Altcoins in the green
Looking at the rest of the crypto market, a lot of the altcoins are currently in the green. Currently, a significant number of altcoins are in the green when viewed from the rest of the crypto market.
Bitcoin dominance to roll over?
Bitcoin's dominance may be starting to roll over, having come up against resistance at 52.4%. Bitcoin's dominance may be starting to roll over, having come up against resistance at 52.4%.
Bitcoin
