In light of the current market situation, Bitcoin exhibits minor fluctuations within support and resistance levels, leading to consolidation. Analysts highlight accumulation zones and weak altcoin participation in overall growth.
Key Support and Resistance Levels for Bitcoin
Bitcoin (BTC) faces major resistance in the range of $117,000 - $118,000. To initiate a short-term trend reversal, bulls must overcome the resistance level of $119,700.
Technical Indicators and Accumulation Zones
Observed technical indicators show a high accumulation zone between $112,000 and $114,000, providing traders a chance to accumulate positions. The Relative Strength Index (RSI) is currently neutral, indicating possible movement in both directions depending on market conditions.
Altcoins Continue to Lag Behind Bitcoin
The Altcoin Season Index is currently at 36 out of 100, reflecting Bitcoin's dominance in the market. Over the past three months, altcoin capitalization has shown only minor growth, resulting in a lull among alternative coins.
The current market situation shows that Bitcoin continues to hold its ground against volatility, while altcoins remain in the shadow, potentially indicating upcoming changes in the dynamics of the cryptocurrency market.
