The approval of an ETF by the SEC appears to have triggered a “sell the news” scenario, as previously forecasted by various analysts. Consequently, the price of BTC is experiencing a significant decline. In contrast, altcoins remain relatively unaffected by this decline. A number of altcoins, including Bonk, Aptos, and Sui, are showing strong performance despite market liquidations. These altcoins are expected to maintain their upward momentum in the upcoming week.
Bitcoin’s Dominance Reaches Crucial Support Line
In the past 24 hours, the price of Bitcoin experienced a significant liquidation, amounting to $122 million. This occurred as its value dipped close to $41,500, triggered by a steep increase in sell-offs around the $46K mark. Despite this drop, the altcoin market remained relatively unaffected. Notably, the price of Ethereum (ETH) continued to hold above the $2,500 level.
Bitcoin’s dominance in the market has seen a decrease, reaching a support level not seen in a month, currently at 51.1%. This decline in Bitcoin’s market dominance could be a contributing factor to the growing surge in the altcoin market. Historically, there has been a buying trend among investors toward altcoins during periods when Bitcoin’s price drops from market top.
If the bearish trend in Bitcoin’s price continues in the upcoming week, it could potentially lead to a surge in altcoin prices, pushing them towards their respective resistance levels.
Bonk Price Analysis
Bonk price has been trapped in a range after the price failed to surge above $0.000017. The nearly horizontal 20-day EMA, and the Relative Strength Index hovering near the middle, fail to provide an advantage to either buyers or sellers.
For the bulls to dominate in the coming week, they need to push and maintain the price above the downtrend line. Achieving this could potentially send the price toward $0.000023. If the momentum continues, BONK price might surge toward its high.
Aptos Price Analysis
Aptos surged past the key resistance level of $9.5 and is now aiming to gain buyers’ confidence near Fib channels. The initial upward target is set at $11.1, a level that might prompt short-term traders to realize profits.
However, if the APT price remains stable near this level, it would indicate that traders continue to buy amid surges. This behavior could enhance the likelihood of the APT price touching $14.6 next week. On the downside, the first notable support is at EMA20. Should this support give way, the price might retreat to $8.
Sui Price Analysis
Sui price is nearing its all-time high as it recorded an impressive surge in the last 24 hours by breaking the $1 mark. In the current scenario, bears are attempting to reverse the price of SUI at $1.35.
If successful, this could trigger a decline to retest the EMA20 level. As the RSI now trades within the overbought region, a correction might be approaching in the coming hours. However, a successful rebound above EMA20 might send the SUI price toward $2 next week.
