Bitcoin Faces Resistance at $90,500 as Altcoins Attempt Recovery
- Bitcoin (BTC) is currently facing resistance at the $90,500 level, with bulls maintaining pressure.
- February historically has only seen three negative monthly losses since 2013, with a median rise of 12.21%.
- Major altcoins are attempting recoveries but may encounter selling pressure at higher levels.
- Fundstrat’s Tom Lee stated that cryptocurrencies should benefit from a weaker dollar, though traders are currently favoring gold and silver.
- Market discussions have shifted towards gold and silver over cryptocurrencies this month, according to Santiment.
The cryptocurrency market is under pressure as Bitcoin struggles to break through key resistance levels while altcoins look for recovery opportunities amid shifting investor sentiment towards precious metals.
As Bitcoin remains below $90,500 and historical trends suggest potential gains in February, the focus will be on whether buyers can push BTC above this critical level for further upward momentum. (Source)
