Bitcoin and altcoins ready for a bounce

On Monday and Tuesday, there are two scheduled red days for the bitcoin and altcoin markets. These potential declines might be offset as the markets ready themselves for an upturn. Is it possible that this rebound could propel bitcoin back up to challenge its all-time high?

Following a brief dip on Tuesday that saw Bitcoin’s price drop to $64,500, the leading cryptocurrency has since held steady and may be poised for a recovery, aiming to recapture its previous level.

$BTC loses bullish trend line

On a day-to-day basis, it’s clear that Bitcoin ($BTC) has broken its uptrend line, which it had been bouncing off since early February. If the price closes below this trendline on Wednesday, and confirms the break with subsequent trading, it’s not a positive indication for the bullish outlook.

Currently, Bitcoin ($BTC) is regaining bullish momentum. The lower time frame stochastic RSIs have bounced back, and the daily stochastic RSI is about to follow suit, preparing for another upward shift.

$BTC‘s upcoming challenge is to reenter the triangle marked by the bullish trajectory line and the descending trend line based on successive peak highs since the record top.

If the price at approximately $72,000 for Bitcoin (BTC) does not reverse, there’s a risk of continued declines and lower prices.

Altcoin bounce

The total market capitalization of altcoins, excluding Bitcoin and Ethereum, is showing positive signs. A new higher low is emerging, and all that’s needed is for this altcoin market cap to surpass the resistance at $776 billion and erase its previous high to confirm an uptrend.

Bitcoin Dominance decision time

The Bitcoin Dominance chart serves as a key indicator of when to expect a surge in altcoins. Should Bitcoin’s dominance continue to climb and break through 55%, it may signal a strong market position for Bitcoin, pushing altcoins aside. Conversely, if Bitcoin’s dominance dips below 52%, the altcoin market could potentially experience growth.

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2024-04-04 13:05