Bitcoin’s price is still below the $35,400 resistance level, but some alternative cryptocurrencies are still experiencing gains.
Bitcoin Holding Strong
Despite two rejections at the $36,000 resistance level, Bitcoin is showing strong price action. The slow upward movement may hint at a potential sudden drop, but this short-term movement doesn’t overshadow Bitcoin’s positive position in the next 18 months.
Ethereum’s Steady Progress
Ethereum is maintaining its position above the $1,880 trend line on the one-day time frame. However, it needs to reverse against the ETH/BTC pair to avoid a significant downside if it fails to hold its current position.
Source: Trading View
Altcoins Approaching Resistance
Other altcoins are reliant on Ethereum’s success for a continued drop in Bitcoin dominance. If altcoins are to surge, they need to surpass the trend resistance at a combined value of around $400 billion. Exceeding this level could push the market cap of altcoins higher to $450 billion.
Hot Take: Cryptocurrency Market Update
The cryptocurrency market is showing signs of stability and growth, with Bitcoin holding strong and altcoins looking for opportunities for further gains. As Ethereum maintains its position and altcoins approach resistance levels, there is potential for increased market activity and value in the coming weeks.
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