The BTC bulls have failed to gain substantial momentum since the digital coin faced rejection at $40K and started declining. Bitcoin is trading in a short-term bearish zone after breaking the $38K support and dropping as low as $34,319 on Friday.
The BTC price is currently struggling to clear the $38K resistance level. As of this article’s writing, BTCUSD is consolidating gains just above the $35,000 level at its current price of $35,143.
BTCUSD Chart By TradingView
In the coming sessions, the bulls must keep prices above $35.5K to avert a downside break below $34K. Any more losses could open the doors for a dip below the $32,000 level in the near term.
BTC Price Consolidation Sparks Off Altcoin Rally
In a recent tweet, analyst Pierre Crypto rightly predicted that BTC would end up consolidating throughout the weekend since it was rubbing up against several key moving averages. He also predicted that BTC could enter a phase of sideways trading that would mark a prime time for altcoins to break out.
These predictions seem to be playing out in real-time, as the crypto market continues to see a substantial altcoin rally this weekend. As reported yesterday by the Daily Chain, leading altcoins are starting to break higher, mostly leaving bitcoin in the dust.
Altcoins such as Polkadot (DOT), Cardano (ADA), Aave (AAVE) and Chainlink (LINK) have accumulated gains over the past few days, while the BTC dominance metric has dropped to 66.5%.
Ether Is On the Brink Of Hitting New ATH
Over the past few days, Ether has seen some intensely bullish price action as the second-largest crypto rallies against BTC.
The bulls have managed to spark a massive upside movement that has pushed the ETHUSD pair past the $1,200K level as it looks set to breach its previous all-time high.
One analyst recently supported the theory that the ETH price is on the cusp of setting fresh highs above $1,400K as the cryptocurrency’s uptrend begins turning parabolic.
“One of the last looks at $ETH before new ATH – what an amazing ride it’s been + a gentle reminder that ETH/BTC is yet to breakout,” he tweeted.
At the time of writing, Ether is trading up 1% in the past 24 hours at its price of $1,238. This price marks a significant surge from lows of $1,060 seen during the recent selloff.
ETHUSD Chart By TradingView