The Bitcoin price has shown resilience, surpassing $43,000 despite recent selling activities by Coinbase and the Grayscale Bitcoin Trust (GBTC). The rebound follows a sell-off after the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S.
Traders attempted to push Bitcoin above $50,000 last week but faced resistance at $49,000. The current recovery is attributed to GBTC selling, with some traders possibly buying the dip.
However, there are concerns about Bitcoin’s short-term outlook, with potential downward movements to $38,000. Additionally, Bitcoin’s dominance in the cryptocurrency market has decreased, with altcoins, particularly Ether (ETH), gaining ground, potentially signaling the onset of an altcoin season.
In addition to price movements, Bitcoin’s dominance in the overall cryptocurrency market has decreased from 54.56% to 49.82% within a week. This decline is attributed to the notable gains by Ether (ETH) and other altcoins, prompting speculation that capital is rotating out of Bitcoin into the altcoin market. The emergence of an Ether ETF adds to the narrative, potentially signaling the beginning of an altcoin season, with altcoins, led by ETH, expected to rally.
Source: COINTELEGRAPH
