Bitcoin's recent dip below $107,800 has raised concerns among traders due to significant whale movements and news from China. Continued closures below $108,000 create unfavorable conditions amid weak trading volumes.
Analysis of Altcoins
As Bitcoin edges towards record highs, altcoins have remained stuck in a holding pattern. Despite recovering significantly from the lows of the FTX collapse, the much-anticipated FOMO has yet to materialize due to market conditions. Investors are waiting for a positive turn. Analyst DaanCrypto recently shared a crucial chart highlighting key levels indicating where a bull market could ignite for altcoins.
Insights on Bitcoin and Solana
Both Bitcoin and Solana ETFs witnessed notable inflows yesterday, but this alone isn't enough for sustainable growth. The macroeconomic backdrop needs to stabilize. While BTC investors have grown accustomed to frequent surprises, altcoins continue to suffer significant losses during downturns. Analyst Fella recently noted that Ethereum continues in a phase of consolidation, awaiting a breakout.
Outlook for Ethereum
Analyst Carl Moon observed potential bearish signals in the SOL Coin chart. Should his predictions hold true, a test at $128.5 may occur, coinciding with Bitcoin's ongoing downward momentum. A confirmed whale selling could lead to a sharp decline.
The decline of Bitcoin creates significant concern in the market, particularly for altcoins and Ethereum. Investors continue to await sustainable growth, hoping for a favorable change in market conditions.
