Bitcoin is showing signs of profit booking, resulting in a slight downturn in altcoin prices.
Bitcoin hit a new 2020 high and altcoins rallied as PayPal announced that it will support crypto payments.
Bitcoin price may rise to a new 52-week high if it can break above the ascending channel and this move could ignite the altcoins.
Bitcoin and altcoins must rebound off their immediate support levels to recapture bullish momentum and resume the uptrend.
Bitcoin and most major altcoins are sustaining above their immediate support levels, increasing the possibility that the uptrend will resume.
Bitcoin’s strength above the $11,500 multi-year resistance is also pulling many altcoin prices higher.
Bitcoin price could achieve a new 2020 high if bulls hold the price above the key multi-year resistance at $11.5K.
Traders are attempting to kickstart a new trending move in Bitcoin and altcoins by attacking overhead resistance levels.
Bitcoin could consolidate for a few more days but select altcoins have formed reversal patterns that may lead to a trending move.
This inherent separation of power is all in accordance with Charles Hoskinson’s vision.