The altcoin market is notably weak, experiencing a significant decrease in value. Bitcoin dominance has risen, signaling a downturn for altcoins as Bitcoin remains relatively stable.
Bitcoin Stability and Support
Despite Bitcoin not being bullish currently, it's holding a key support level at $66,000, which is a positive sign. Altcoins lack bullish confirmation, making Bitcoin a more favorable investment option.
Bitcoin Momentum and Open Interest
Bitcoin has seen a decline in momentum, with major liquidations since March 17th. Open interest in Bitcoin has dropped notably, and it's retesting a previous support level at $68,500.
Factors Affecting Bitcoin Price
Factors like the upcoming halving event and tensions in the Middle East could contribute to further price drops for Bitcoin.
Anticipated Support Levels and Bullish Momentum
The primary support level for Bitcoin is at $66,500, but it's anticipated to fail, leading to potential drops to $65,000 and then $62,000. While there's a chance of bullish momentum in the next two months, there's currently no confirmation.
Short-Term Outlook and Investment Advice
Short-term market outlook is bearish with low volume and activity during weekends. Despite a selling volume of $50 billion in Bitcoin, it's advisable to wait for bullish confirmation before investing.
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