- Bitcoin has seen some massive volatility as of late, with the benchmark cryptocurrency remaining stuck below its recently set highs but not seeing any sustained downtrend
- Its strength seen in the time since it faced a grim rejection at $28,500 has been impressive, invalidating the notion that this is a local top
- Where the market trends in the mid-term should depend largely on its continued reaction to the resistance that sits around $28,000
- A firm break above this level could catalyze a move higher
- One analyst is calling for a push to $30,000 in the near-term, noting that it will likely be a slow rise to this level
Bitcoin and the entire market have seen some mixed price action over the past few days. While most altcoins have continued drifting lower, however, Bitcoin’s price is still closing in on its recent highs.
This trend has persisted for the past few months and suggests that Bitcoin is still rallying in isolation, with “altseason” being a distant possibility.
Until BTC declines or consolidates in tandem with a sustained pump amongst altcoins, there’s a strong possibility that smaller tokens will see continued weakness.
Bitcoin Surges as Altcoins See Mixed Price Action
At the time of writing, Bitcoin is trading up just under 2% at its current price of $27,900. This marks a slight decline from daily highs of $28,300 that were set yesterday evening.
Where the market trends in the mid-term will likely depend largely on whether or not BTC can surmount $28,000 and set fresh all-time highs above $28,500.
Breaking above this level could instantly lead the crypto to see a move up towards $30,000 or higher.
Altcoins likely won’t match this momentum for the time being.
BTC Could See a Slow Grind Higher to $30k – Trader Claims
He is setting his sights on a movement to $30,000 in the near-term.
“If BTC just put in the low for a new intraday range then as long as we hold above 27.5k i think this just grinds up and over 30k in short order.”
Image Courtesy of Deadrabbits. Source: BTCUSD on TradingView.
The coming few days should shine a light on the dynamic between Bitcoin and altcoins in the near-term.
Continued BTC strength will likely create headwinds for altcoins in the short-term.
Featured image from Unsplash. Charts from TradingView.