Bitcoin and the popular altcoins witnessed significant growth in the past week as the FED raised the interest rates by another 75bps. On the other hand, the US GDP remained negative for the second consecutive quarter. This fueled the crypto markets as the Bitcoin price made a move beyond $24,000 and Ethereum beyond $1760.
The altcoins also gained notable momentum and followed the trend set up by the top 2 cryptos. However, after reaching the initial highs, both the assets are undergoing a minor pullback but hovering close to these levels. Therefore, the upcoming weeks and the monthly close are extremely important to determine the next plan of action.
The ideal scenario for the BTC price for the coming weekend could be a smooth growth beyond $24,700. Nevertheless, a consolidation between $22,200 and $23,800 may follow after experiencing rejection at these levels.
Further, the dominance of USDT is expected to fall and as the volume of Ethereum is just 35% less than that of Bitcoin, the capital is believed to flow into altcoins. Hence, this paves way for the Bitcoin price to swell notably which would be followed by the popular altcoins.
However, the weekend trades are more uncertain as the market trend flips with a huge margin most of the time. Therefore, a notable correction may also make its way out that may squeeze out all the profits gained in the past week.
Therefore, the overall market cap retaining above $1 trillion is depending on the Bitcoin price rally during the weekend. However, as the monthly close collides with the end of weekly trade, significant volatility is expected that may push the prices beyond $24,500 quickly.
Was this writing helpful?
Source: https://coinpedia.org/price-analysis/trade-set-up-for-bitcoin-and-altcoin-during-the-coming-weekend-will-market-cap-retain-the-1t-mark/