The price of Avalanche (AVAX) recently broke through a major obstacle at $13, which had been a challenge for AVAX bulls in previous weeks. This breakout can be attributed to the increasing demand for wrapped Bitcoin (BTC) on the Avalanche network. As Bitcoin prices rose, more users sought to utilize wrapped BTC on Avalanche, leading to a growing user base. However, a closer look reveals signs of exhaustion in AVAX’s upward momentum. Despite a 2.7% rally in the past 24 hours and an 18.0% surge over the past week, AVAX may be losing steam. Bearish divergence is evident, suggesting a potential correction in AVAX’s price. The interplay between Bitcoin’s movement and AVAX’s trajectory is crucial for determining AVAX’s future direction. Bitcoin’s price fluctuations historically have a ripple effect on other cryptocurrencies, including AVAX. As investors monitor these developments, the question of whether AVAX can overcome the sell signals and continue its ascent remains.
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