Sell pressure on BTC and altcoins is beginning to alleviate, but data suggests that it’s too early to call for a reversal.
Bitcoin and most major altcoins took a turn for the worse after BTC price dipped below $42,000.
If Bitcoin breaks above $45,500, select altcoins like NEAR, ATOM, FTM and FTT could turn bullish in the short-term.
Right now, bulls are buying each dip and bears are selling the top of each rally, suggesting that BTC and altcoins will remain range-bound for some time.
Bitcoin and most major altcoins have started a strong recovery that could reach overhead resistance levels where bears may mount a strong defense.
Buyers stepped in to buy BTC’s dip to $39,650, but there are signs that the market-wide correction might not be over.
LINK, ICP, LEO and ONE could rebound if traders sense that Bitcoin’s selling is near completion.
Bitcoin and most major altcoins have fallen to key underlying support levels, which could be an early sign of an impending oversold bounce.
Technical analysis and on-chain data hint that Bitcoin is gearing up for a volatile move and traders expect altcoins to follow.
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