Although Bitcoin continues its sideways movements above $57,000, the selling pressure in altcoins continues.
When we look at the dominance of Bitcoin, we see that it has risen to 46.53 levels. The dominance is in an upward trend, reducing the risk appetite for the altcoin market. This prevents new purchases. Transitions to Bitcoin and cash are accelerating as the bullish expectation in altcoins weakens.
The rapid rise of Bitcoin in the short term also increased the expectation that a correction may come. We observe that investors are keeping a little distance from altcoins as the crushed alts will fall even more when Bitcoin falls.
At a point when the bullish prospects for Bitcoin had worn off, Bitcoin quickly rose to $57,000. Now we see that the bullish expectation in altcoins is weakening. We will be watching whether the market maker will make a move against the expectations again.
While Bitcoin’s crushing of alts may be troubling in the short term, it signals good uptrends for altcoins in the medium term. At this point, investors who manage their risk will be on the winning side at the end of the day.
At the end of the day, those who have the cash to sell the goods when the altcoins currently waiting in their support rise, and to reduce the cost when they fall to the new major supports will win at the end of the day.
At this point, in Bitcoin dominance, 47.39 and 49.24 levels should be followed. A pullback at these points will help altcoins recover.
Bitcoin is like the index of this market. Therefore, the pressure on altcoins will continue before the movement there ends.
The CEO of Binance, the largest altcoin exchange, after Bitcoin broke $55,000 on CZ, “First Bitcoin, then….” He tweeted that he would come after the movement in altcoins.
first #bitcoins, then…
— CZ 🔶 Binance (@cz_binance) October 6, 2021