Bitcoin and altcoins made a sharp downside move to their recent lows after news that China banned crypto trading surfaced.
Category: Binance Coin
Bitcoin and most major altcoins have dropped to their critical support levels, which is likely to attract strong buying from the bulls.
Bitcoin is sustaining above its immediate support, but several altcoins are showing signs of profit-booking.
Buyers continue to scoop up Bitcoin and altcoins on dips, a signal that there is strong demand at lower levels and that bullish momentum is building.
Bitcoin’s quick dip below $44,000 sent altcoin prices into a freefall and has some traders worried that the correction could deepen.
Altcoins are still flashing bullish signals but Bitcoin’s steady slide toward its swing low could put a damper on the market’s positive sentiment.
BTC and most altcoins are attempting to capitalize on today’s market-wide oversold bounce but the recovery could be thwarted by sell pressure at overhead resistance levels.
If bulls flip $52,000 to support, Bitcoin could see a substantial breakout that is likely to pull more buyers into select altcoins.
The latest FTT price boom came in the wake of similar upside moves across exchange assets.
While bitcoin prices have risen in value during the last two weeks, bitcoin dominance levels have slipped to lows not seen since the June 6 low of 41%, and the dip to 39.97% on May 16, 2021. Depending on the crypto market price aggregator leveraged, bitcoin’s dominance has been between 39.99% to 41.52%. Meanwhile, as bitcoin’s dominance has d