Despite pressure in the crypto market, Bitcoin holds its ground, while altcoins face significant challenges.
Bitcoin Stands Strong, Altcoins Falter
While Bitcoin oscillates between $95,000 and $98,000, altcoins and ERC-20 tokens face significant pressure. According to Glassnode, all ERC-20 sub-sectors, including DeFi, gaming, and utility tokens, are experiencing a lean period. Consequently, many tokens are being sold in bulk, reflecting investor dissatisfaction with alternative cryptos.
Crypto Market Situation
Bitcoin currently acts as a safe haven asset amid volatility, holding key levels between $95,000 and $98,000. Investors are awaiting a breakout above $100,000 to reignite momentum, while bears watch for a slip below $95,000.
Future Outlook
The coming days will be crucial for determining Bitcoin's trajectory. Analysts like Michael van de Poppe suggest that Bitcoin could reach a new ATH within two to three weeks, supported by the recent rise in gold, signaling a possible imminent takeoff.
Bitcoin continues to demonstrate resilience in an uncertain market environment, maintaining its secure position.
