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Reasons Why Altcoins Are Dropping As Bitcoin Inches Closer to $50,000

Altcoins plunged on Valentine’s day, February 14 when Bitcoin (BTC) broke through a record high of $49,000. This fall in the altcoin market is significant, as such adjustments usually do not occur as Bitcoin rises.

2 reasons why altcoins price dropped

There are two possible reasons why altcoin market fell while Bitcoin price rose.

The first is that when Bitcoin hit a new high, it drained most of the volume across the crypto market. This led to a decline in altcoin as capital concentrated on Bitcoin.

The second is that Ether (ETH), the leader of altcoin, plunged against BTC as the chart below shows.

BTC/USD vs. ETH/BTC (orange). Source: Tradingview

These two factors, coupled with Bitcoin’s resistance at around $50,000, have increased the selling pressure in the altcoin market.

A crypto trader named Kaleo said Bitcoin could have been expected to rise towards $50,000. However, whether it can break through the $50,000 level is an important question that would decide the short-term direction.

The rise to $50,000 was easy, but the important thing is the next move. I don’t know how long it will take to break through or be rejected.

If Bitcoin fails to break through $50,000 and starts consolidating, funds will flow into and benefit the altcoin market. This is because altcoins tend to skyrocket when Bitcoin consolidates after rising.

However, if Bitcoin rises or falls slightly, altcoins will fall sharply against Bitcoin and the US dollar.

Bitcoin has a bullish structure

Currently, Bitcoin maintains a bullish outlook, which will ease selling pressure on the altcoin market.

Cryptocurrency trader Scott Melker says Bitcoin now has a series of “bull flags.”

Bitcoin bull flag. Source: Scott Melker

The bull flag is a term used in technical analysis. As shown in the above figure, it looks like a flag on a pole that indicates that the market is likely to move higher in the longterm.

Small bull flags are everywhere. We got seven refusals and ended up trading above $ 48,200. Adjustments under the resistance lead to a rise.

At the time of writing, Bitcoin is defending its support at $47,200 and is moving between $49,700, which could lead to a breakout in the future. If that happens, altcoins will rise as well as Bitcoin.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity Blog, 2021. | Permalink | No comment |
Published under: Bitcoin

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