Bitcoin price bounces back above $42,000 Will altcoins soon follow?
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Answer Bitcoin price bounces back above $42,000 Will altcoins soon follow?
After a weak start to the week, bitcoin price rebounded from the crucial support levels at $40,000.
At the time of preparing this article, Bitcoin is trading at 0.54% at $4,092 with a total market capitalization of $792 billion.
According to analyst “Larke Davis”, the bitcoin currency is repeating its previous performance and repeating it again in its latest move, and he explained:
Bitcoin peaked and fell -42.5% below its previous high yesterday.
For reference, the average little bear in mid-2021 was -55% at the bottom.
Nothing out of the ordinary for Bitcoin, although it can potentially be intimidating for new investors.
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The levels of the Bitcoin RSI were clearly indicating that Bitcoin was in the oversold territory on Monday’s daily chart.
Taking a look at the historical chart, Bitcoin found subtle support, the last time it was found during September 2021.
It is worth noting that there is more negative support for Bitcoin at the $37.5K level (red circle in the above chart).
Even investor Mike Novogratz, founder of Galaxy Digital, predicted that Bitcoin could test the $38,000 level and predicted that this level is the bottom and that this is where institutional players are likely to be involved.
For now, all eyes will be on the US release of its inflation data on Wednesday, and if the inflation numbers are higher than expected, that could lead to little prospect of a strong recovery.
Are Altcoins Tracking Bitcoin Bounce?
Despite Bitcoin’s rebound, some altcoins have yet to follow Bitcoin’s movement.
For example, Ethereum has not yet recovered and is trading in the red at $3,117.
Ethereum also corrected 40% from its all-time high.
Some cryptocurrencies have been doing well in this downtrend of the market.
Read:Asian banking giant DBS launches blockchain-based bonds
For example, the price of Terra’s LUNA surged 100% in December, hitting a new all-time high of $100.
The same is true of MATIC and now it seems that the turn of the digital currency LINK.
These three altcoins are likely to do better in January 2022.
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