Altcoins climbed higher on Monday as Bitcoin bulls regroup near $35,000, with analysts warning about a pullback to $32,000 before the uptrend for BTC continues.
- Bitcoin took a back seat to altcoins in trading on Monday as cryptocurrency investors moved to rotate out of the top crypto – which hit its highest price of 2023 on Friday – and into promising low-cap tokens as the crypto bull market continues to ramp up.
At the closing bell, the S&P, Dow, and Nasdaq all managed to finish in the green, recording gains of 0.18%, 0.10%, and 0.30%, respectively. MN Trading analyst Gunter Lackmann noted that Bitcoin has been holding up “fairly strongly” since initially climbing past $33,500 and is currently “consolidating in an ascending price channel.”
“Chart structure-wise, there is no plausible scenario in which we dip to <$20k or even start closing daily candles <$30k and then rip up from there shortly after,” he said.
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