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Ethereum and Altcoins Rebound – Is Bitcoin Following?

 


Bitcoin is showing weakness while altcoins and tokens have managed to regain some ground this week. But the impression of a recovery is deceptive, because without a strong signal from Bitcoin, the "alts" are also on shaky feet.


Although it was possible to recapture the 20,000 US dollar mark, that alone is not enough to be able to speak of a bottom formation. At the same time, Bitcoin has not experienced a real bear market rally since the massive price collapse. And this circumstance could lead to exciting developments in the coming week.


The constant that can be identified is the close correlation with the stock market, because here, too, a more positive picture emerged this week. So if it stays that way and tech and US stocks in particular continue to rally, then Bitcoin will probably do the same.


What speaks for a bear market rally?

If the bulls can get off to a good start next week, attention should be paid on reaching $25,5000 and $28,500. Because here are two possible resistances that would invite either to take profits from long positions or would lend themselves to the bears to build short positions.


Bitcoin has fallen below the 200MA line on the weekly chart, suggesting a bear market rally. Historically, this marked the bottom of the last two bear markets. The RSI is also at a historic low.


What speaks for a continuation of the bearish trend?

Although the current situation suggests that the sell-off could come to an end, it is not just the technical market data that you should pay attention to. Because the Celsius debacle, the crash of Terra and the demise of Three Arrows Capital cast a long shadow.


The miners also seem to be challenged by the overall situation. It is probably ongoing loans that could pose a risk for them. Therefore, things could get tight even for larger companies. The first sales, such as in the case of Bitfarms, have already taken place to ensure liquidity. Equally, however, the hashrate remains relatively stable. Either the worst is yet to come or the miner capitulation will result in sell-offs but not bankruptcies.


Even with BlockFi and Voyager Digital, the last word does not seem to have been spoken yet. Overall, there are still many risks that could bring the price to its knees again. In addition to the rigors of the crypto market, there is also the problem of inflation and the dilemma of the central banks. So you can identify many internal and external risks that could result in further sales.

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