- The Altcoin market has surpassed BTC last week.
- A BTC dip to $ 100k could follow quickly.
Bitcoin [BTC] Saw an explosive rally from 6 to 9 May, rose from $ 93.8k to $ 103.6k. In the past six days, the king of Crypto saw his volatility seriously restricted.
This rolled up price action in the short term could indicate the next step in a consolidation phase.
While Bitcoin got into an anesthesia on the price diagram, compared to the eruption of bullish activity since April 20, Ethereum [ETH] has set 13.4% over the past five days.
In addition to ETH, the Altcoin market has risen, which has led to a decrease in Bitcoin -Dominance.
Source: BTC.D on TradingView
This indicated that the Altcoin market is better than BTC in the short term. At the same time there were signs of more market confidence.
A Bullish Bitcoin movement was expected and the liquidation crests mapped out how this movement could unfold.
Bitcoin went to $ 100k for the next rally
Source: BTC/USDT on TradingView
A reach formation of $ 101.7k to $ 104.8k was turned off at the graph of 2 hours. At the time of the press, Bitcoin had slipped under the mid-range support for $ 103.3k. This was a sign that it would probably test the range of the range.
At the same time, the based on the lows formed on May 9. This was another sign that sellers prevailed in the short term.
The liquidation heat jap of the past week showed that the $ 106k and the $ 98.6k were the strongest magnetic zones nearby.
A structure of liquidity was also seen at $ 102.4k and $ 100.3k, and these regions were closer to the market price than the $ 106k level.
Combined with the slump in the BBV and the dip of the price below the middle range level, another bitcoin drop seemed probably probably. The liquidation levels in the south suggested that a price of dip up to $ 100.3k, or as deep as $ 98.6k, could brew.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer