Crypto Traders Swap Bitcoin For Altseason Bets This Week
Bitcoin (BTC) is in a "wait and see" mode as altcoins gain attention. BTC experienced volatility, nearing $116,000 before rebounding to around $119,000. Traders noted a closing of CME gaps and highlighted a resistance trend line that BTC is attempting to break. Concerns about potential market maker short positions were raised, with warnings of possible price drops to around $114,000. Short-term price targets for BTC are modest, with some traders predicting a rise to $130,000 in the coming weeks. The Federal Reserve's upcoming decisions on interest rates are influencing market sentiment, with low expectations for immediate cuts. Altseason is emerging, with altcoins like Ether (ETH) and XRP gaining momentum, leading to a decline in Bitcoin's market dominance. Analysts are cautious about potential pullbacks as BTC returns to exchanges, indicating profit-taking and distribution by investors.
