Here’s why altcoins are dropping as Bitcoin price inches closer to $50,000

” If Bitcoin consolidates first before breaking out of $50,000, theoretically, this trend would likely benefit altcoins in the foreseeable future.During a Bitcoin uptrend, altcoins tend to rise when BTC is consolidating after a preliminary impulse rally. When BTC is rallying or seeing a slight pullback, altcoins often see big cost drops versus both BTC and the U.S. dollar.Bitcoin is bullish for now, which is practical for altsFor now, Bitcoin is preserving its bullish market structure, which would ease some of the selling pressure on the altcoin market in the foreseeable future.Scott Melker, a cryptocurrency trader and expert, said that Bitcoin is continuing to see successive bull flags.Bitcoin bull flag.” As long as Bitcoin protects the recently established $48,200 support area and combines between $48,200 and $49,700, another breakout is more probable.If Bitcoin sees another breakout, this time, the altcoin market is likely to rally in tandem with Bitcoin after seeing an initial dip on BTCs first impulse rally.Title: Heres why altcoins are dropping as Bitcoin rate inches better to $50,000 Sourced From: cointelegraph.com/news/here-s-why-altcoins-are-dropping-as-bitcoin-price-inches-closer-to-50-000Published Date: Sun, 14 Feb 2021 17:58:48 +0000

” If Bitcoin consolidates initially before breaking out of $50,000, in theory, this pattern would likely benefit altcoins in the foreseeable future.During a Bitcoin uptrend, altcoins tend to rise when BTC is combining after a preliminary impulse rally. When BTC is rallying or seeing a small pullback, altcoins frequently see big rate drops versus both BTC and the U.S. dollar.Bitcoin is bullish for now, which is handy for altsFor now, Bitcoin is maintaining its bullish market structure, which would alleviate some of the selling pressure on the altcoin market in the foreseeable future.Scott Melker, a cryptocurrency trader and analyst, said that Bitcoin is continuing to see consecutive bull flags.Bitcoin bull flag.” As long as Bitcoin defends the freshly established $48,200 support area and consolidates in between $48,200 and $49,700, another breakout is more probable.If Bitcoin sees another breakout, this time, the altcoin market is most likely to rally in tandem with Bitcoin after seeing a preliminary dip on BTCs very first impulse rally.Title: Heres why altcoins are dropping as Bitcoin rate inches more detailed to $50,000 Sourced From: cointelegraph.com/news/here-s-why-altcoins-are-dropping-as-bitcoin-price-inches-closer-to-50-000Published Date: Sun, 14 Feb 2021 17:58:48 +0000

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Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.

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