Bitcoin Faces Resistance as Altcoins Struggle to Gain Ground
- Bitcoin (BTC) has risen above $68,000 but is expected to face selling pressure near $69,000.
- Analyst Willy Woo suggests BTC may bottom between $46,000 and $54,000 based on on-chain models.
- If BTC holds above $60,000, a full recovery could take about 300 days from the October peak of $126,000.
- Most major altcoins remain below resistance levels, indicating ongoing bearish pressure.
- Ethereum (ETH) is attempting to reclaim support above $2,040 after closing below its moving averages.
The cryptocurrency market is currently under pressure, with Bitcoin struggling to maintain higher levels and most altcoins unable to break through key resistance points. This situation highlights the bearish sentiment prevailing in the market as traders anticipate potential further declines.
As Bitcoin hovers around critical support levels and faces selling near $69,000, analysts are closely monitoring its movements for signs of a possible rally or further decline.(Source)
