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The adjustment of Bitcoin has resulted in a total decline of 21%. Since then, the price has refused to drop further and now even has the opportunity to surge to $44,000 or higher.
Bullish stock markets are indicating the direction for Bitcoin.
Stock markets continue to hit historic highs as the Federal Reserve seems unable to convince the market that a rate cut is not imminent. Forward-thinking markets know that a shift in the Fed's stance is inevitable, and when it happens, liquidity will flood back in.
The cryptocurrency market may follow suit. Bitcoin has simply refused to decline further. Many had expected a deeper pullback than the recorded 21%. In other words, Bitcoin has broken out of its bullish trend and is happily consolidating there, perhaps in preparation for further upward movement.
BTC consolidates above the trendline.
BTC price is currently battling the resistance at $43,000. If it can break through, the next target may be to surpass the resistance at $45,000 and return to the uptrend channel.
Altcoins are slowly brewing.
With Bitcoin's stability, many altcoins are beginning to accelerate their rise, capitalizing on Bitcoin's stability and security. Additionally, Bitcoin's dominance seems to have possibly peaked for now, falling by 0.40% on the day. Chainlink (LINK) has broken out of its range, currently rising 4.5% to $17.94. Pyth (PYTH) continues its parabolic trajectory since Thursday, briefly hitting $0.60 before giving back some gains. From Thursday to Friday morning, PYTH has seen gains of up to 55%.
If BTC can push to $45,000 and close the week above it, the altcoins currently brewing may see an explosion. Exciting times may be on the horizon. |
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Post time 16-2-2024 21:49:56