Crypto 350
07/24 12:01
Altcoins Explode as Bitcoin Stalls Below $120,000—
Altcoins Explode as Bitcoin Stalls Below $120,000—Traders Shift Focus Fast
Bitcoin continues to face intense resistance below the $120,000 mark, creating growing uncertainty among investors. Despite several attempts to break higher, the asset remains confined between $115,600 and $119,500, with no clear momentum in sight.
According to analyst Michaël van de Poppe, the repeated failure to move past $119,500 indicates hesitation in the market. Breaking up of this level will possibly create grounds towards a bullish momentum, but price action currently will indicate declining confidence.
The crucial support level is at $115,600, and its breach will allow Bitcoin to descend further to the range of $110,000 to $112,000. Liquidity is highly dependent on this range, and therefore, it is probable that volume accumulation or sudden volatility will occur at this range, thus impacting the rest of the market.
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