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Bitcoin Consolidates Below $102K While Altcoins Ready for a Potential Massive Rally

Bitcoin Consolidates Below $102K While Altcoins Ready for a Potential Massive Rally

Bitcoin has entered a consolidation phase after a price drop, according to analyst Michaël van de Poppe. The cryptocurrency dropped below $102k, leading to a decline in altcoin markets. Michaël views this as an opportunity, noting that similar drops are likely to occur again. 

Despite this, he expects Bitcoin to consolidate further leading to a fresh altcoin rally. Meanwhile, Crypto Rover predicts a promising three months for altcoins, forecasting substantial momentum ahead.

Bitcoin’s Key Levels

Bitcoin’s price movement shows critical levels affecting market movements. At press time, Bitcoin was trading at $93,526, below its previous peak of $104,087.7. This level is a crucial resistance and if broken, could potentially drive the price beyond $110,000. Immediate support lies at $97,844.4. 

A dip below this level may cause a retest of $89,584.4 and, in more severe cases, $85,327.6. Lower levels, $79,743.0, represent the ultimate support zone, where further dips could lead to intensified selling pressure.

The Relative Strength Index (RSI) shows waning momentum, and a dip below 50 may signal continued bearish pressure. Reduced volume during the pullback suggests weakening selling pressure, hinting at possible stabilization.

Altcoin Market Sentiment 

Altcoin and Bitcoin position remain in a neutral state, as indicated by the Altcoin vs. Bitcoin season index. The index is at 47, indicating balanced sentiment. Recently, the index approached 75, suggesting an altcoin-favored market before swiftly retreating. This fluctuation shows brief altcoin rallies driven by Bitcoin’s consolidation.

Further shifts are likely as sentiment changes. A move above 75 may indicate renewed altcoin momentum, while a drop toward 25 could point to Bitcoin dominance. Current market trends suggest a balanced state, with performance dependent on macroeconomic factors and Bitcoin price stability.

Broader Crypto Market 

The total crypto market cap, excluding Bitcoin, is at $842.27 billion, a 2.72% decline. This drop aligns with bearish momentum in altcoins. The RSI at 22.97 indicates extreme oversold conditions, hinting at a possible short-term bounce if buyers emerge.

Source: TradingView

The MACD shows sustained selling pressure, with no immediate reversal near. BTC’s minor 1.53% dip further correlates with broader market trends. Key levels include $840 billion for potential downside and $860 billion for a recovery signal.

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