Bitcoin Price Signals Trend Reversal as Cash Rotates to Altcoins
The cryptocurrency market is showing signs of movement, correlating with a recent 11% increase in Gold prices, reaching approximately $2,940 per ounce. This has prompted both retail and institutional investors to adjust their portfolios in anticipation of a potential crypto rally.
Bitcoin Price Analysis
- Bitcoin has been consolidating between $91K and $109K over the past three months.
- Analyst Ali Martinez indicates bullish momentum, suggesting a possible trend reversal.
- A breakout above $109K may lead to a target of around $144K based on Fibonacci extensions.
- For bearish sentiment to be invalidated, Bitcoin must close consistently above $97.5K.
- A drop below $92K could trigger a decline towards $70K.
Altcoin Market Developments
- Layer one tokens and utility-based tokens are gaining momentum, with Ethereum and XRP leading in growth of network users.
- Bitcoin's non-empty wallet count has decreased by over 277k in the last three weeks, reaching its lowest since December 2024.
- BNB Chain tokens have shown notable gains, particularly PancakeSwap (CAKE), which has seen its price double to about $2.96.
- PancakeSwap recorded a weekly trading volume of approximately $20 billion, outpacing competitors.
- CAKE's 24-hour average traded volume increased to around $1.28 billion.