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Saturday, May 15, 2021

Bitcoin Price Movements Have No Impact On Other Altcoins Any Longer

Bitcoin has been trading within a very tight price range for the past couple of weeks. On the other hand, some other cryptocurrencies including AAVE, ETC, HT, and SOL have been inching closer to their new all-time highs.

The price of Bitcoin has closed down by almost 1.98% this month. This was reported by Bybit. According to their data, this is the first time since 2015 that Bitcoin closed their April month in negative.

An Underwhelming Rally By Bitcoin

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During this very same month, the price of Ethereum has spiked more than 44% and reached its record high of $3,000. Such a huge difference in the movements between the 2 leading cryptocurrencies indicates that markets are mature. Furthermore, the underperformance of Bitcoin has no impact on other altcoins like before.

BTC has soared above their moving averages on 30th April. However, the bulls could not build on the strength and failed to sustain it. The candlestick pattern of Doji on 1st May along with the decline under the 50-day simple rolling average at $56,833 indicates the selling by bears. The bears have been selling at larger levels and not giving up.

In case BTC price drops below the 20 days exponential rolling average of $55,723, they might decline to almost $52,323.21 or %50,460. This flat rolling averages along with the RSI (relative strength-index) near the middle point indicates a balance between the supply and the demand.

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Moreover, this might keep the twin range-bound for the next few days. However, this perspective will invalidate in case the pair rebounds the 20 days EMA and surges more than $58,469.09. This move will reveal the buying by bulls on every little decline. The pair might rally to the $61,825.85 level where bulls will probably again face strict resistance from bears.

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