BTC short-term sell-off analysis and outlook for the altcoin season
On August 21, 2024, there was a significant short-term sell-off in the Bitcoin market.
The current market trend shows an opportunity for altcoins to rise seasonally, and it is expected that this situation may continue for some time.
Specifically, since Bitcoin hit $49,000 recently, the price rebounded and fluctuated in the range of $62,745 to $57,600 for about 11 days, with an amplitude of about 5,000 points.
During this period, the market saw multiple pin-point trends, and the subsequent support strength was also shown.
At the same time, Bitcoin also experienced a 300-point oscillation space.
