Bitcoin is consolidating after a pullback, holding near $97,000 support.
All-time highs may be tested next week if resistance near $102,000 is broken.
Altcoins are gaining attention as Bitcoin’s stability boosts alt-market activity.
After huge flexing at new premium levels, Bitcoin, the first and original cryptocurrency, is in a minor correction now. Pundits have opined that if Bitcoin manages to remain anchored to key support points it could catapult the cryptocurrency to prospective ATH tests as soon as the next week. However, the target of a drop to $97 000 is still within traders’ view, so depending on the price dynamics in the nearest days, it is worth the wait.
Bitcoin Pullback Signals Consolidation with Potential for New All-Time Highs
Most importantly, after a series of a bullish run, bitcoin has started resuming a bearish run as most analysts attribute this to market correction. They believe that this type of move is indeed with the trend implying that the markets are merely cool off before continuing with the next upward surge. The current support area at around $9700 is viewed as overly sensitive and a breakdown of this area is likely to present bears with more selling opportunities.
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When Bitcoin stays above the key support levels, it is on the path to conquer the previous trading records soon. Such a scenario, market observers believe, could be achieved as early as next week if the overall market tone remains bullish and institutions remain interested in these stocks. Looking at the charts, a breakout above the $102,000 level would open up another rally, and Bitcoin could reach new highs.
Focus Shifts to Altcoins with Market Outlook
That being the case, the focus returns to altcoin charts in order to determine the overall trend of the market as Bitcoin stabilizes. Most of the times when Bitcoin was ranging, there was often a sharp movement in the altcoin market. It highlights that the cryptocurrency market is correlated or even integrated and investigating one crypto can be effective only if several assets are examined at once.
Despite certain short term oscillations pointing towards a period of range-bound movement, the long-term picture for Bitcoin appears structurally bullish. A strong defense of key strategic benchmark levels will therefore be required to maintain the perceived directional trend and any violation of resistances could lead to further higher ground.
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