Cryptocurrency Market Update: Bitcoin Bleed to Altcoins and High-Impact Events Ahead
The cryptocurrency market has been relatively calm in the past 24 hours, with Bitcoin’s price hovering near the lower border of a weekly bullish flag. Despite some fluctuations, Bitcoin has been grinding lower against the US dollar after facing resistance around $67,200.
Short-term Bitcoin investors have been moving their profits into the altcoin market to maximize gains, leading to a decrease in Bitcoin dominance by more than 2 percent since the halving event. The ETH/BTC pair has shown a reversal pattern on both weekly and hourly time frames, indicating a potential altseason ahead. Some altcoins to keep an eye on include Binance Coin (BNB), NEAR Protocol (NEAR), and meme coins.
In the coming days, the global cryptocurrency community will witness the trading of spot BTC ETFs in Hong Kong, following a similar approval in the US. This news is expected to add to the bullish sentiment in the market. Additionally, the third Federal Funds Rate will be released next month, with experts predicting that the Fed will hold its benchmark interest rate, potentially leading to interest rate cuts later in the year.
Crypto analyst Captain Faibik has been closely monitoring Bitcoin’s price action and believes that the flagship cryptocurrency is forming a bullish flag in preparation for the next uptrend. With Bitcoin already in the price discovery phase after hitting an all-time high of around $74,000 last month, the analyst expects the price to retest the support level of $61,000 multiple times before surging to a new all-time high above $86,000 in the near future. Investors are advised to keep a close eye on these key levels in the coming days.
