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Today, the cryptocurrency market has seen a growth of 0.71%, and the altcoin market has experienced a surge of 0.93%. The Bitcoin market has grown from $86,912.41 to $87,464.80. However, a crypto analyst, identified as The Flow Horse, suggests that the newly emerged bullish momentum in the crypto market, especially the altcoin market, is less likely to last long. Why? Curious to know more? Read on!
Crypto Analyst: Market Structure Still Bearish
According to The Flow House, the overall trend in the cryptocurrency market is still bearish.
At the start of this month, the market capitalisation of the cryptocurrency market was $3.18T. Since then, the market cap has dropped by 11.63%. During the same period, the altcoin market cap has also declined by 19.4%. In the last 30 days, Bitcoin has plummeted by 2.1% and Ethereum by 15.4%.
However, today, the crypto market has recorded a rise of 0.71% and the altcoin market has registered an increase of 0.93%.
Why This Rally Could Be a Temporary Bounce
The Flow Horse claims that the latest bullish momentum in the cryptocurrency market has not made any impact on the overall bearish trend in the market.
Currently, the crypto market is at least 6.64% below the previous swing high, and the altcoin market is over 6.89% below the last swing high. Additionally, the BTC market is at least 5.76% lower than the previous swing high.
Bitcoin’s Key Price Levels That Could Change the Trend
Currently, the Bitcoin price stands at $87,464.80. The $90,000-$93,000 range acts as a strong resistance right now. The crypto expert opines that if the market flips this resistance to a strong support range, it could mark the end of the downtrend.
Right now, Bitcoin plays a key role in determining the crypto market trend. At the start of this year, the BTC dominance was just 57.60%. Now, it stands at $61.67%.
The expert notes that since Bitcoin dominates the market trend, altcoins will only perform well if BTC stabilises.