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Have altcoins hit the bottom? Bitcoin price bounces 5% from $59.7K low 👀🚀
Bitcoin is attempting to reclaim support after dipping below $60,000, while traders dare to dream of an altcoin rebound.
Bitcoin tapped $63,000 before the April 18 Wall Street open as modest BTC price strength boosted the mood of traders.
Analysis: BTC price lows may be "tricking” investors...
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $63,095 on Bitstamp, up 5.5% versus the prior day’s lows.
At $59,700, these represented Bitcoin’s lowest levels since early March.
While various forecasts saw the need to clear liquidity at $57,000 and even far lower going forward, some saw reason for mild optimism.
Among them was popular trader and analyst Rekt Capital, who reiterated that BTC/USD was in a “re-accumulation range” with price behavior to match.
“One of the key things to note about Bitcoin’s Re-Accumulation Ranges throughout this cycle is this: Downside wicks below the Range Lows tend to occur to trick investors into a fake-breakdown (black circles) before resuming into an uptrend,” he wrote alongside a chart on X.
Altcoins battle brutal downtrend...
Continuing, Michaël van de Poppe, founder and CEO of trading firm MNTrading, predicted that sideways BTC price moves would continue even after the upcoming block subsidy halving.
Related: Bitcoin dominance hits 3-year high as BTC price dip pressures altcoins
Altcoins bore the brunt of the latest crypto market correction and could now have seen the worst of their shake-out.
“The period of boredom for Bitcoin, which is eager to consolidate here,” he explained.
“Overall, I’m expecting this won’t change for the coming months, but I think we’re at the altcoin bottom.”
Source; Cointelegraph
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