Bitcoin (BTC)
The price of Bitcoin (BTC) fell to $97,400 at the time of writing, putting a halt to its attempts to reach $98,700. The decline in altcoin prices is not encouraging. This raises the question of what direction we should expect for altcoins and how much APT Coin will be worth. Today, we will delve into various market analyses.
Altcoin Surge Relies on Bitcoin’s Dominance
Altcoin bulls are experiencing price increases, while Bitcoin’s market dominance ratio is falling. This ratio, known as BTC.D, measures the leading cryptocurrency’s share compared to other assets. Traders closely watch this graph for signs of altcoin strength. A crypto analyst named Nuevo provided insights on BTC.D, stating:
“Here we go… Is it happening?
A slight deviation above the red line at 61.55% (rising to 61.83%) suggests a potential reversal, indicating a downward trend of at least 52% and a possibility of reaching 48%. The next key observation should be the EMA50 break on the weekly chart.”
Crypto Bullet shared thoughts specifically on APT Coin, stating that if BTC.D eases, the current formation could target $22.
Bitcoin (BTC) Commentary
The short-term outlook indicates uncertainty in low-volume markets over the weekend. The BTC price is approaching the $97,000 support level, which is discouraging for altcoins. If panic selling occurs, the weekend could end poorly for cryptocurrencies.
Analyst Daan Crypto Trades, who shared the above chart, mentioned that investors still have time to seek excitement.
“Some volatility could have been expected in altcoins, but even this part of the market has been quite slow this weekend. It will take a bit more time for the markets to regain momentum after the holidays. Once everyone returns to their posts, with economic data emerging again, I believe next week will be interesting, with the first full trading week of 2025.”
In the coming days, we will see various significant data released, from Fed minutes to employment figures.
