Bitcoin Faces Possible Correction as Altcoins Gain Momentum and Exchange Reserves Rise
Main Idea
Bitcoin faces potential correction near a $114,000 CME gap amid rising exchange reserves and shifting market dynamics, while altcoins gain momentum, reducing Bitcoin's dominance.
Key Points
1. A CME futures gap around $114,000 is a focal point for potential Bitcoin correction, with market participants observing profit-taking and bullish sentiment battles.
2. Bitcoin's dominance has dropped from 66% to near 60%, the lowest since early March, as altcoins like Ethereum and XRP gain traction.
3. Federal Reserve Chair Jerome Powell’s upcoming remarks on monetary policy could influence market uncertainty, with subdued expectations for rate cuts.
4. On-chain analytics show increased Bitcoin inflows to exchanges, suggesting possible profit-taking, with whale wallet inflows rising from $28 billion to $45 billion.
5. Traders are advised to monitor key support levels and liquidation zones, while diversifying into altcoins benefiting from the current market shift.
Description
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