Bitcoin needs a catalyst to push the price above $31,000 and if that happens, select altcoins look ready to join the party.
Daily cryptocurrency market performance. Source:Most of the focus in recent days has been on institutional money, but the retail trader’s power should not be underestimated. Fireblocks CEO and co-founder Michael Shaulov said in an interview with Cointelegraph thathigher because institutions are likely to do it in such a way as to avoid large price bursts. Shaulov said there was a significant inflow of institutional money in 2020, but the prices did not appreciate until retail investors entered.
Will Bitcoin and altcoins break out of their respective overhead resistance levels, or could they start a short-term correction? Let’s study the charts of the top 10 cryptocurrencies to find out.Buyers tried to catapult Bitcoin above the overhead resistance of $31,000 on June 27, but the bears did not budge. This kept the price stuck inside the tight range between $31,000 and $29,500.
If buyers propel the price above $31,000, the BTC/USDT pair may resume its uptrend. The bears may try to stall the up move at $32,400, but the buyers are likely to bulldoze their way through. The first indication of weakness will be a close below $29,500. That may pull the price to the 20-day EMA . If this level cracks, the pair may stay range-bound between $31,000 and $24,800.
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