Bitcoin Rally Stalls Near $70K: Will Altcoins Keep Going?
Technical charts forecast that Bitcoin’s downside price risk may be limited, even as BTC failed to overcome $70,000 multiple times this week.
Technical charts forecast that Bitcoin’s downside price risk may be limited, even as BTC failed to overcome $70,000 multiple times this week.
Bulls reclaimed control of the crypto markets on Wednesday as BTC soared above $69,000 and several altcoins made double-digit gains.
US trade policy and stock market weakness spilt over to crypto markets, where Bitcoin and altcoins are at risk of falling to new year-to-date lows.
Bitcoin and altcoins showed strength in the US session, but technical charts suggest the bears may continue to exert pressure near the intraday highs.
Bitcoin price lows in the $50,000 range could become reality if the critical $65,000 support gives way. Technical charts also forecast bearish outcomes for most altcoins.
Technical charts suggest Bitcoin bulls must hold BTC price above $70,000 to avoid a pattern confirmation to new lows under $60,000. Will altcoins also hold up?
Technical charts suggest the crypto market’s relief rally may hold, especially if Bitcoin bulls succeed in flipping $70,000 back to support.
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