Bitcoin leads other cryptocurrencies higher again today after a peak of $17,051.96 levels, but the momentum seems to have faded and a minor pullback could come into play.
Ethereum price movement:
Cryptocurrencies price heatmap:Coin360
Bitcoin retraces to $16,857.45
At the time of writing, Bitcoin has posted a minor retracement from its peak at $17,051.96 and is currently hovering around $16,857.45 levels. While this could be an early sign of bearish momentum building within the crypto market, the technical indicators do not currently indicate a major sell-off just yet.
Bitcoin price action:Coinmarketcap
Bitcoin is at a critical juncture as it is up by only 0.02% to the $16,732.20 level at the time of writing. The moving average lines are suggesting a slight pullback in the short term, but a drop below $16,000 levels could potentially trigger some major losses.
BTCUSD has broken the key resistance level at $17,000 – momentum seems to be fading for bitcoin’s price surge. However, the market cap is at $847B, which suggests that the bullish run for altcoins remains somewhat subdued.
Altcoins remain neutral
Although bitcoin continues to lead the crypto market higher, other cryptocurrencies have not seen much of a bullish run and have mostly remained within stable price bands. At the time of writing, Ethereum (ETH) is flat at $1,283.20, while Litecoin (LTC) is currently up by 2.39 to $59.56.
Ethereum price movement:Coinmarketcap
Meanwhile, Ripple has been on a bullish sentiment in the last 48 and is currently testing a resistance level of $0.3959. In addition, the FTX token is recovering as it is up by 7.79% after the FTX-Alameda blowup. Other altcoins are trading around the support levels and haven’t seen much volatility recently.
In general, crypto traders are trying to decide whether or not this is a consolidation period before another large rally or if it’s a peak that could signal yet another pullback- This indecisiveness seems to be reflected in trading volumes as well, which has been relatively low over the past 24 hours.
Although bitcoin is experiencing a minor dip in price levels, the overall crypto market seems to be hanging at an equilibrium point between bullish and bearish sentiment- The bitcoin price surge appears to have peaked out for now, but it could still retain some upward momentum as we enter into another day of trading.
At this point, the overall sentiment towards cryptos remains uncertain as traders try to decide whether we are heading into a consolidation period before another major rally or if it’s possible that we’ve already seen a peak and are now down to set up for yet another pullback. This uncertainty seems to be reflected in trading volumes which have been relatively low over the past 24 hours.
