Bitcoin has been consolidating over the past few days. Investors are now turning to altcoins like IMPT that have the potential to gain. IMPT is currently in a presale that has already raised over $2.5 million.
Bitcoin is currently down by over 50% on a year-to-date basis. The largest cryptocurrency has been one of the most affected coins in this year’s bear market, dropping by around 71% from its all-time high of around $69,000 created in November last year.
From $64k to $19k – Will BTC Ever Bounce Back?
Bitcoin and the broader cryptocurrency market have been having a hard time making a strong uptrend as the US dollar climbs to multi-year highs. The US Federal Reserve has been raising interest rates to tame inflation. Moreover, the growing risk of a global recession is pushing investors away from risky assets.
The investor sentiment toward Bitcoin is still negative. The same outlook can also be seen in the stock market. The correlation between Bitcoin, the stock market, and gold has increased significantly over the past month following the negative macro outlook.
At the time of writing, Bitcoin was trading at $19,362 after a 0.7% dip over the past 24 hours. The coin has not recorded much movement over the past few days. Nevertheless, the coin has avoided collapsing further below despite the plunging US stock markets. This could indicate that the selling pressure is reducing.
If the bulls can gain control, Bitcoin could gain toward the next resistance at $19,800. Bulls will have to maintain this price if a rally past $20K is expected. On the other hand, the bears are also struggling to gain control of the market and looking to cause a decline below $19K. If the selling pressure builds, a plunge to $18,800 could be expected, after which the coin will drop to June 2022 lows.
While Bitcoin is struggling to record any significant price movements, altcoins are performing quite well. IMPT, one of the newest tokens in the market, could be the next…
