Conditions are lining up to give altcoins a boost, which has been hurting as Bitcoin has shown signs of recovery. Ethereum fell below $2,300 but has now risen by 3%, putting it far above that mark. Following a 6% increase, Binance Coin has seen even more significant gains. As a result, BNB has recaptured $300 and is now hovering around $320, its highest level since June 18th.
On a 24-hour timeframe, Cardano 2 percent, Polkadot 3 percent, Bitcoin Cash 1.5 percent, Litecoin 1.5 percent, and Solana 1 percent are all in the green, while Ripple and Dogecoin are both halted.
By far the highest from the larger-cap altcoins, Uniswap has increased by 11 percent. As a result, the price of UNI has surged to $22.
Bitcoin price is currently trading at a crucial juncture under $35K, a break above this key resistance could potentially push the top cryptocurrency back into bullish domains. Yesterday, the major cryptocurrency plummeted to slightly over $33,000. This happened after the stock hit a four-day high of $36,000 over the weekend.
The bulls, on the other hand, have reclaimed control of the asset following the most recent slump and have pushed it north once more. As a result, bitcoin has regained about $2,000 and is on the verge of breaking above $35,000 for the second time.
The Bulls must defend a 32k level. If the rally fails, the price might fall to $30,000.
Willy Woo, a well-known crypto analyst, posted his TA chart, which indicated an upcoming RSI break. According to him, the break could occur at any point in the near future.
BTC/USD is now the furthest away from the predicted value in more than two years, according to crypto analyst ‘PlanB,’ who has been chronicling his stock-to-flow model since March 2019. He believes the stock-to-flow concept will be made or broken in the next six months.
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Source: https://coinpedia.org/altcoin/bitcoin-price-rejected-altcoins-seem-to-shine/
