As the Federal Open Market Committee (FOMC) meeting approaches, the cryptocurrency market finds itself in a slump while gold prices reach new heights. Bitcoin falls below the $94,000 mark, and altcoins show a consistent downward trend. Current analyses and market dynamics shed light on potential future movements for those involved in the cryptocurrency landscape.
What Are Analysts Saying?
Following a hiatus, analyst Efloud has returned with an impactful update on the cryptocurrency scene. Efloud’s comprehensive assessment takes a deep dive into several key areas, including the total market value of cryptocurrencies and charts on Bitcoin’s dominance. These evaluations reveal notable technical patterns affecting altcoins in particular.
Are We About to See a Big Move?
Short-term growth possibilities are hinted at by the TOTALCAP chart, provided 2021’s all-time high levels continue to act as a support. Efloud suggests that the market could experience a push back to $2.78 trillion or $2.67 trillion, where these figures should serve as robust supports. Acting on this, Efloud plans to consider buying if the $2.67 trillion mark is retested under promising circumstances.
In reaction to the current resistance, the analyst has opted to divest from certain altcoin holdings, notably ENA, DOGE, and LINK. Efloud stresses focusing on support and confirmations below specific levels before engaging in additional investments.
Efloud elaborates, “If corrections aren’t forthcoming, new trades will be evaluated cautiously, especially considering ETHBTC levels approaching the red threshold.”
Bitcoin’s market dominance is especially impactful for the altcoin market, as a higher dominance typically means altcoins are less likely to reach new heights.
• TOTALCAP suggests a potential upward trend if ATH levels act as support.
• Bitcoin’s market dominance chart vital for understanding altcoin market behavior.
• Bitcoin ETF entries at an all-time high, hinting at a possible accumulation phase.
Examining historical trends, analyst Noach predicts upward moments similar to past rallies in 2024. Increased activity among short-term BTC holders has been observed during crucial price shifts, corresponding with past rise patterns.
Activity levels now resemble those times, as Bitcoin ETF entries hit a historic figure of $40.62 billion. This may signal a phase of quiet accumulation, suggesting a readiness for breaking through the $100,000 barrier.
