Bitcoin Looks Stronger Compared To Altcoins – Demand Remains Strong As Price Consolidates In A Range
Bitcoin and the entire cryptocurrency market experienced a volatile roller coaster yesterday. Before rapid recovery, people have been worried about the US trade war. The price dropped by more than 9 % in just a few hours, as low as 91,530 US dollars, but after reporting that President Trump was negotiating with Mexico and Canada to increase tariffs, he rebounded more than 12 %. This emotional change quickly stimulated the optimism of the entire market.
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Top analyst DAAN shared a technical analysis on X, highlighting the elasticity of uncertain bitcoin. He pointed out that BTC still looks much stronger than anything else in the market. From a wider perspective, it maintains a steady upward trend. Despite selling positive selling, Bitcoin is still reasonable in structure and strong demand levels, which prevents deeper correction.
The key level of high BTC transactionsInvestors are paying close attention to check whether cryptocurrencies can maintain this momentum and move towards the highest orgasm. The next day is essential for determining whether Bitcoin can consolidate its status as a major asset in the market or whether further fluctuations will test its strength again. At present, Bitcoin seems to be recovering the market, which once again proves its toughness.
Bitcoin maintains a bullish price operation
Although the recent volatility and positive sales pressure, Bitcoin still shows strength compared to cottage coins, proving its dominant position in the market. Although many Altcoins are difficult to recover, BTC has quickly rebounded from a low point, which has enhanced its status as a leading asset. Yesterday’s price action further confirmed that Bitcoin was still in control, and Altseason, which has been looking forward to for a long time, may be delayed until Altcoins can catch up with BTC.
Top analyst Daan shared Technical analysis on XHighlight the elasticity of Bitcoin. He pointed out that BTC is much stronger than anything else in the market, and it still looks good in the shrinking hour. According to DAAN, Bitcoin’s demand is still higher than other assets, especially in the period of uncertainty. This is obvious in the recent market movement. In this movement, BTC has recovered quickly, and most Altcoins still stagnate or continues to decline.
DAAN’s analysis shows that Bitcoin is currently trading within the scope of definition, and has strong support at a level of $ 109K at the highest level of history (ATH) at the upper border, which has made strong support at a level of $ 90K. As long as BTC is held in this range, the possibility of breakthroughs is still high. If the Bulls managed to push the BTC to the ATH, then the newly bullish stage will begin, and Altcoins may further fall behind.
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Another key factor that promotes the dominant position of Bitcoin is the interests of the institution. The latest data of the main chain analysis platform shows that the accumulation of Bitcoin in the whale is still very strong. Although the market is uncertain, large holders continue to increase BTC. Unlike the previous market cycle, retail investors have driven the price soaring. The rally seems to be cheered by institutions and long -term holders, making it more sustainable.
Test key needs level
Bitcoin is testing a trademark with a vital liquidity of less than $ 100,000. The current transaction price is $ 99,400, and trying to seek a strong foothold before the next move. The price action is still highly unpredictable and turbulent, and investors pay close attention to the key level of signs of potential breakthrough or further disadvantages.
In order to make BTC confirmed short -term strength, it must restore a result of $ 100,000 and support it. This level is a psychological and technical barrier. Once it is safe, it may trigger a new uptrend. If Bitcoin is difficult to maintain this level, it may be further integrated without $ 100,000, thereby delaying any breakthrough attempts.
The level of $ 98K is another important support area. As long as BTC stays above this trademark, it can return to more than $ 100,000. Losing this level may lead to deeper avoidance, and test the lower demand area before trying a higher level of attempt.
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In order to fully restore the momentum of viewing, Bitcoin must recover $ 103,600 Mark. This is a key level of resistance. In recent days, it has limited movement. The successful breakthrough of this level will lay the foundation for the large -scale rally towards the historical climax, and open the door for BTC to enter Price Discovery again.
Featured images from Dall-E, chart of tradingView
