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February 22, 2024
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Altcoins Suffer Extreme Losses as Bitcoin Nears Crucial Juncture-Will BTC Price Make It or Break It?

The post Altcoins Suffer Extreme Losses as Bitcoin Nears Crucial Juncture-Will BTC Price Make It or Break It? appeared first on Coinpedia Fintech News

Bitcoin trades under a bearish influence as Asian markets begin to carry the uncertainties prevailing within the US market. The price is currently trading at $26,087.24, a drop of 3.96% compared to the previous day’s close. Market participants continue to carefully observe the macroeconomic conditions that have bedeviled the crypto space in recent times. 

Moreover, the FOMC minutes have shown a difference of opinion among the U.S. central bankers about further rate hikes, which may mitigate the crypto space ahead.

Following the star crypto, the altcoins remain bewildered as they continue to lose gains for the third consecutive day. Besides, the BTC dominance is also testing the crucial resistance that it has been failing to surpass for the past couple of years. If the price clears this resistance, altcoins may begin to bleed. 

Trading View

The BTC dominance has been ranging between 40% and 50% for over two years. Currently, the levels remain stuck below the 50% resistance, and despite constant rejection, the dominance hovers close to the levels. Therefore, if the levels break above the resistance beyond 50% in the coming weeks, the altcoin market may suffer a huge downtrend for an extended period. 

The Bitcoin price, with the fresh bearish action, has dropped below the lower trend line within an ascending triangle. Therefore, the price may, however, maintain a sluggish price action for an extended period. Until then, the altcoins may also trade sideways, waiting for a major event to push the prices higher. 

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