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Bitcoin's Price Sees Slight Resistance, Causing Sell Pressure In The Altcoin Market

Emily Mason

Summary: As Bitcoin dropped to retest lower support levels after reaching its all-time-high price of $41,940 earlier today, altcoins have felt the pressure. So far in this rally each time Bitcoin has dipped the selling pressure has been absorbed by institutional investors and Bitcoin believers. While Bitcoin's price has remained high, over the past 24-hours, altcoins are ...

As Bitcoin dropped to retest lower support levels after reaching its all-time-high price of $41,940 earlier today, altcoins have felt the pressure.

So far in this rally each time Bitcoin has dipped the selling pressure has been absorbed by institutional investors and Bitcoin believers. While Bitcoin's price has remained high, over the past 24-hours, altcoins are facing increasing sell pressure. If Bitcoin price finds support or enters a consolidation phase, altcoins tend to move higher, so intra-day traders will likey keep a close eye on BTC’s price action, as reported by CoinTelegraph.

The overall cryptocurrency market cap is curently $1.05 trillion and Bitcoin’s dominance rate is 70.5%.

By Emily Mason

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