Bitcoin price action is not going through its best moment or performance after Halving, even according to information socialized by Rakesh Upadhyay, Bitcoin price needs to rise above USD 68,000 to sustain purchases of alternative cryptocurrencies such as is the case of ETH, TON, UNI and XMR.

According to Upadhyay, "Bitcoin has fallen more than 4% this week, signaling that bearish traders are active near USD 70,000. However, Bitcoin investors appear to be viewing the declines as a buying opportunity. Market intelligence firm Santiment said in a post on X that Bitcoin's drop to USD 66,600 saw an increase in buying while interest in selling remained dormant."

The truth is, "Bitcoin's recent weakness has increased selling pressure on several altcoins, which have fallen near or below their immediate support levels. However, if Bitcoin achieves a rebound, select altcoins are likely to experience solid buying at lower levels."

Recall that, "Bitcoin fell below the 50-day simple moving average (SMA) (USD 66,147) on June 14, but bulls were unable to hold the lower levels. This shows that buyers are trying to defend the 50-day SMA."

Finally, "If buyers want to make a comeback, they will have to quickly push the price above the 20-day EMA. That will clear the way for a possible rally to USD 72,000, where the bearish could again present a strong challenge."

SOURCES CONSULTED

Cointelegraph. ETH, TON, UNI, and XMR could rally if Bitcoin clears $68,000. Link

OBSERVATION:

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph

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