Bitcoin and altcoins are showing signs of short-term exhaustion, meaning a few days of consolidation could occur.
Bitcoin remains in an uptrend but is facing signs of exhaustion above $13,200, suggesting that a minor correction could drag altcoins lower.
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.
The price of Bitcoin is nearing $12,000 once again, which may be the signal for the start of a massive new bull cycle.
The price of Ethereum is showing similarities with previous bull cycle beginnings as $800 ETH is coming back in play.
Traders are accumulating Bitcoin on dips and a break above $11,600 could resume the uptrend to $12,000.
The recent weakness in the dollar is giving Bitcoin some momentum to possibly test multi-year highs.
The price of Bitcoin is likely to see a retest of $12,000 in the short term.
Bitcoin and most major altcoins are sustaining above their immediate support levels, increasing the possibility that the uptrend will resume.