Hey Trader,
After Bitcoin was heavily rejected at the 70k level and sent back into the bull flag channel. Moreover, there's a CME gap at 66k that (probably) needs to be touched before moving higher. Currently, Bitcoin trades at 66.6k.
Overall, it is okay to have a rejection at the 70k level, although I would have preferred the price to stay above the bull flag trendline.
Altcoins, on the other hand, performed extraordinarily well compared to Bitcoin. This was probably the most surprising aspect yesterday. Despite Bitcoin's rejection, many altcoins were up 3%, 5%, or even more. Moreover, the picture today looks identical. While BTC is slightly down, many altcoins are up.
However, since Bitcoin has made another local dominance high, it is healthy and important for alts to catch up. We'll see if this trend continues, and we just witnessed the start of an altseason.
Featured Story â Massive Token Unlocks To Increase Sell Pressure On OP, SUI, SAND, AVAX, and others? đš
In the coming weeks, several prominent blockchain projects are set to unlock significant portions of their token supplies, impacting their circulating economies and investor landscapes. As a result, we could see some strong sell pressure and lower prices. Here are a few of these projects:
- #Optimism will release 31.3 million tokens, constituting 2.8% of its circulating supply, valued at approximately $55 million. This distribution aims to reward key contributors and investors.
- Sui will release 64 million tokens, amounting to 2.56% of its circulating supply, valued at around $50 million.
- The Sandbox plans a significant unlock of 205 million tokens, representing 9% of its circulating supply, valued at approximately $69 million.
- Arbitrum intends to unlock 92.6 million tokens, equivalent to 2.8% of its circulating supply, valued at about $67 million.
- Avalanche will release 9.5 million tokens, amounting to 2.42% of its circulating supply, valued at $268 million.
# BRETT
Brett has attempted to break out of its bull flag pattern during the last few weeks.
