Bitcoin May Continue to Trade Flat While Altcoins Could Bleed! Here’s What to Expect Until the Weekend!
The post Bitcoin May Continue to Trade Flat While Altcoins Could Bleed! Here’s What to Expect Until the Weekend! appeared first on Coinpedia Fintech News
The crypto market appears to be recovering from the losses incurred in the past couple of days as the star crypto somehow managed to jump above $28,000. With a reasonable jump of nearly 4%, the BTC price has prevented the entire crypto space from incurring hefty losses by maintaining a firm bearish trend. However, the question remains whether the bulls have strengthened their position or if this is just a passing fad.
The recent price bounce resulted in a drastic rise in Bitcoin’s social dominance, while its dominance over the market continued to drop. Besides, major altcoins continued to drop, which raised many concerns.
Generally, high dominance happens during market euphoria, but in this case, it appears to be out of fear. The chart above shows the rising social dominance of BTC, meaning the traders appear to have become more disoriented and are constantly searching for information about the crypto and its next plan of action. Hence, a rebound appears to be imminent.
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Now that the sentiments have turned somewhat bearish, these sentiments may impact the price negatively. Moreover, the upcoming FOMC meeting may also induce significant volatility within the space. Therefore, the chances of Bitcoin’s (BTC) price maintaining a consolidated descending trend appear to be pretty high.
