Bit-comment: Altcoins attract increased demand as BTC rally stalls
May 16, 2019 @ 11:46 UTC
In the beginning, was the Bitcoin, then the altcoins followed. This can be said about the recent rally. While the first cryptocurrency dynamic has stalled at $8,000, altcoins continue to attract increased customer demand. At night, the benchmark cryptocurrency could not sustainably hit the resistance level above $8,300 and rolled back to $8,000. Judging by the positive dynamics of alternative cryptocurrencies, profit-taking on bitcoin leads to overflow of funds into the main altcoins, including ETH (+14%) and BCH (+7%), as well as into low-price coins, indicating interest in the crypto sector of retail investors with different budget.
It seems that the level around $8,000 for Bitcoin was significantly more serious test than the previous round levels. In case of the inability of buyers to push BTC upwards, the protracted consolidation phase will start to revive the bears, which can lead to massive profit taking and a new correction.
The FxPro Analyst Team