According to data from the Kaiko site, BTC is less correlated with altcoins in 2023. As can be seen in the graph, all altcoins presented show a drop in correlation with the king of cryptocurrencies. Among them, Ripple's
BITCOIN PRICE ATTACKS RESISTANCE AGAIN AT $37,500
In recent weeks, the Bitcoin price has been rejected several times at the resistance level at $37,500. This time, will buyers be able to force sellers to give in? To do this, the $37,500 level will have to be validated as support:
If the price holds the level at $37,500, it could reach the next resistance located beyond $40,000. On the other hand, in case of rejection, the price could return to the support level located at $35,800. Despite this hesitation at the resistance level, the price has been showing momentum with ascending lows and highs for several weeks. The RSI is also hesitant, as it continues to oscillate between the level at 25 and 67. A break of 67 of the RSI would allow buyers to regain momentum.
Bitcoin price is going it alone in 2023, and its correlation with altcoins is falling. For now, BTC is attracting capital, and most altcoins are holding back. BTC is once again trying to break the resistance at $37,500. If buyers can outpace sellers, the price could finally return to the psychological round number at $40,000. Are cryptocurrencies about to explode upwards?
