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- Bitcoin targets $96,700 support, where a rebound may occur if a mild correction takes place in the market.
- A rise above $96,700 is expected, as market optimism remains neutral and emotional buying is absent.
- Altcoins, like Ethereum, may struggle as liquidity moves away due to Bitcoin’s growing dominance.
Bitcoin is now focusing on a crucial point close to $96,700, which is a critical support level identified by CryptoQuant. Because the price is within the range selected by short-term buyers, a rebound may take place if a mild correction happens in the crypto market. Whether Bitcoin maintains its current level will have significant effect on its upcoming trend.
Source: X
The Fear & Greed Index reflects that the market is not in a particularly strong state of optimism. The market has not yet gone through the typical excitement of high-level purchases. Since there is little indication of investors acting too excited or buying eagerly, the price is expected to rise above $96,700.
Bitcoin’s Effect on Altcoins
The growing dominance of Bitcoin is having an effect on the whole cryptocurrency market. The growth of Bitcoin may cause negative changes for altcoins such as Ethereum. Because the Bitcoin Dominance Index is increasing, liquidity is moving out of other cryptocurrencies. Usually, altcoins struggle the most when Bitcoin is the top coin on the market.
Analysts advise giving the market more time to move before making new investments. A potential price drop in Bitcoin could create an opportune time to buy once the market recovers. Being patient is important now and investors should regularly keep track of the market before making new investments.
Price Climb and Market Outlook
More Crypto Online pointed out that for the bullish price scenario of Bitcoin to remain likely, the current high must end with a downward turn. A small climb today, coming from positive news about tariffs, helped support the market for a short time. If $105,965 is taken out, it could open doors for further increases. This scenario might result in Bitcoin achieving a trading range from $106,582 to $108,386, which is a significant resistance level.
Source: X
Michael van de Poppe is optimistic about Bitcoin. He believes prices are set to drop soon, showing a possible turnaround in the market. When Bitcoin recovers, other cryptocurrencies may also increase in value. He believes that if Bitcoin stabilizes and leads again, it could help other cryptocurrencies and possibly lead to a broader market increase.
Source: X
BTC move will mostly depend on its ability to hold above $96,700. A positive outcome might happen if the price remains stable and neutral. Analysts suggest that, since a drop could offer opportunities to buy, people should be patient. However, when BTC stabilizes, this could signal a broader recovery of cryptocurrencies.
