- Bitcoin is seeing relatively lackluster price action today, with it consolidating within the mid-$30,000 region as altcoins all explode higher
- Where the entire market trends in the mid-term should depend largely on whether or not Bitcoin bulls can establish $37,000 as support
- The crypto has tested this level on a few occasions overnight, and it has been holding strong
- One analyst is now noting that BTC is likely to range for the coming few days as it nears the apex of a massive triangle formation
- He notes that altcoins may all rally until it breaks out, which could allow it to regain its dominance over the market and surge higher
Bitcoin is seeing an interesting divergence with the aggregated crypto market today, with Ethereum and altcoins all rocketing higher while BTC hovers within the mid-to-upper $30,000 region.
The crypto has continued struggling to gain any serious momentum due to the heavy selling pressure around $40,000, which has sparked a consolidation phase.
This sideways trading bout has been bullish for altcoins, as many have posted notable gains as the benchmark crypto cedes some of its dominance over the market.
One trader is noting that this trend could last for a few more days until Bitcoin reaches the apex of a large triangle pattern that has been formed throughout the past few days.
Bitcoin Struggles to Gain Momentum as Consolidation Phase Persists
Bitcoin has been hovering within the mid-to-upper $30,000 region for the past few days, with bulls and bears both being hit hard by a choppy bout of trading.
This has given rise to a market-wide boom amongst BTC’s smaller counterparts, with Ethereum leading the charge with a 7% surge against its BTC trading pair.
Many DeFi tokens have exploded higher, with Sushi, Aave, and others all setting all-time highs.
BTC Likely to Consolidate for 3 More Days; Here’s Why
One trader explained in a recent tweet that Bitcoin could be on the cusp of seeing a major breakout rally, but that it will likely take a few days before this can take place.
In the meanwhile, he believes that altcoins will continue seeing further momentum.
“Three days until bitcoin reaches any ‘relevant’ apex – this means three more days of having fun with altcoins.”
Image Courtesy of Teddy. Source: BTCUSD on TradingView.
The coming few days should provide insights into where the market will trend in the mid-term, as any significant Bitcoin breakout or breakdown could send altcoins reeling lower.
Featured image from Unsplash. Charts from TradingView.