Bitcoin (BTC)
$
At the time of writing, the price of Bitcoin (BTC) fell to $97,400, halting attempts to reach $98,700. The decline in altcoin prices is not encouraging. What direction should we expect for altcoins? How much will APT Coin be worth? Let’s delve into various market analyses today.
Altcoin Surge Relies on Bitcoin’s Dominance
Altcoin bulls are seeing price increases, while Bitcoin’s market dominance ratio is falling. This indicator, referred to as BTC.D, tracks the leading cryptocurrency’s share against other assets. Traders eagerly watch this graph for signs of altcoin strength. A crypto analyst known as Nuevo offered insights on BTC.D, stating:
“Here we go… Is it happening?
A slight deviation above the red line at 61.55% (rising to 61.83%) suggests a potential reversal, indicating a downward trend of at least 52% and a possibility of reaching 48%. The next key observation should be the EMA50 break on the weekly chart.”
Crypto Bullet shared thoughts specifically on APT Coin, stating that if BTC.D eases, the current formation could target $22.
Bitcoin (BTC) Commentary
The short-term outlook indicates uncertainty in low-volume markets over the weekend. The BTC price is nearing the $97,000 support level, which is discouraging for altcoins. If panic selling occurs, the weekend could end poorly for cryptocurrencies.
Analyst Daan Crypto Trades, who shared the above chart, mentioned that investors still have time to seek excitement.
“Some volatility could have been expected in altcoins, but even this part of the market has been quite slow this weekend. It will take a bit more time for the markets to regain momentum after the holidays. Once everyone returns to their posts, with economic data emerging again, I believe next week will be interesting, with the first full trading week of 2025.”
In the coming days, we will see various significant data released, from Fed minutes to employment figures.