Because of the unexpected highs and lows, this week was very important for the cryptocurrency market. Leading cryptocurrencies saw ups and downs at various points, changing market sentiment.
The entire bitcoin market is currently blinking red and analyst-trader Michael Van De Poppe has rolled out a scenario for altcoins while keeping in mind the Bitcoin dominance.
The analyst said that the markets have been correcting and some outcomes have been doing really well. Poppe said that Ethereum has been performing since the Shanghai update, but he also added that it has been swiftly getting into the correction zone.
Talking about Chainlink, Poppe said that it has been doing really well because there is hype about CCIP, but he added that it’s still not breaking the range high. He said that the Bitcoin dominance has been consolidating and is acting inside a range. It has been testing the resistance and once it breaks through the 61 mark, Bitcoin will take off.
“Bitcoin would definitely take off from there but we had the Shanghai upgrade we had a pretty substantial bounce on Ether so we have to make sure that there is a case that we’re actually going to fall or drop with the Bitcoin dominance instead of having a rally.”
He also spoke about the total market cap and said that it is still facing a crucial resistance. It needs to break through 1.25 trillion and then it is going to continue this relief rally.
After the sharp drops in price on Thursday, Bitcoin fell and lost momentum above $30,000. The price fell to $29,100 before giving up a good portion of profits. Bitcoin’s value has decreased by 10.40% in the last week.
“The Bitcoin is close to a potential support and any altcoins can start bouncing off again. We could be seeing some serious strength coming in from altcoins but we need to hold crucial areas.”