In the cryptocurrency market, the recent fluctuations in the price of Bitcoin and its effects on the altcoin market are at the forefront. Bitcoin (BTC) price has remained relatively calm over the past 24 hours, despite fluctuating at the lower boundary of its weekly bullish flag. However, last week, Bitcoin price started to decline after experiencing a significant resistance level around $67,200. This decline caused short-term Bitcoin investors to turn to alternative assets, namely the altcoin market, to maximize their gains.
Bitcoin’s dominance rate, in particular, has dropped significantly since the halving event. As of Friday, this rate decreased to approximately 55 percent, reaching the lowest levels in recent times. This shows that investors’ interest in cryptocurrencies other than Bitcoin has increased and the general dynamics of the market has changed.
The reversal pattern seen in the ETH/BTC parity also appears as an indicator that may support the altcoin market in the coming period. The formation of this pattern on weekly and hourly time frames indicates that Ethereum and other altcoins may gain value against Bitcoin. In this period, especially meme coins attract attention.
Upcoming Important Events
Recent developments in Hong Kong have excited the global cryptocurrency community. The city will be rewarded with trading of spot Bitcoin (BTC) Exchange Traded Funds (ETFs). The move is seen as a change in the attitude of regulators in Hong Kong towards crypto assets and points to increasing institutional acceptance of cryptocurrencies.
Approval of spot BTC ETFs in Hong Kong could add to the bullish sentiment triggered by similar approvals in the US. Because regulators in the USA took similar steps, which caused increased confidence in cryptocurrencies and investors showing more interest in these assets. Therefore, this step by Hong Kong is seen as the beginning of a wave of optimism towards cryptocurrencies globally.
Meanwhile, another important upcoming development is the date when the third Federal Fund Interest Rate will be announced. Market experts express their belief that the US Fed will maintain its benchmark interest rate and interest rate cuts are expected later this year. This indicates that uncertainty may continue in financial markets and encourages investors to be cautious.
Key Bitcoin Levels to Watch Going Forward
Captain Faibik, a popular and respected crypto analyst, follows Bitcoin prices closely and stands out with his technical expertise. According to Faibik, Bitcoin price is bullish in preparation for the next uptrend model It creates. Additionally, this leading cryptocurrency is already in the price discovery phase after reaching its historical peak of around $74,000 last month.
According to the analyst, Bitcoin price may retest the support level of around $61,000 several times before reaching a new historical high above $86,000 soon. This may indicate that the market has established a solid base and is preparing for a stronger upward move.
Captain Faibik’s analyzes are often taken into consideration by the cryptocurrency community and arouse great interest among investors. However, like every investment decision, these predictions involve risk, and investors should do their own research and make decisions consistent with their risk tolerance.
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