Bitcoin started the year pretty strong, appreciating over 17% in January alone.
After ranging within the 7k-8k range for a while, Bitcoin miraculously recovered to its natural 9k state, and even created a new 9600 high, beating out the previous high made in October.
But Bitcoin is currently facing some bearish problems.
The top Crypto coin by market cap has recently dropped to it's last line of support against the bears, with its all time low for the year printing 9070 on Binance. It quickly recovered however to the 9.2k range, but us currently in a tight rectangle pattern around that area.
Meanwhile, alts are through the roof.
BAT appreciated 10% yesterday, and shows no sign of stopping yet. It reached an all time high for the year of $0.25, beating out its past performance for about 3 months.
Tezos equally appreciated over 11% last week, bit seems to be slowing down.
There have even been some coins on Binance like WRX and MTL that have completely gone bonkers.
WRX is up about 180%, which is just insane, and MTL is up a more reasonable 45%. Alts are the place to be right now.
So what will happen to Bitcoin in the longer term? Will it break above its short term resistance to rally to it's next one?
Only time will tell. For now, all we can do is sit and watch.
Thanks for reading.