RATE Group | Here’s Why Altcoins Bouncing as Bitcoin Retraced From $10K Is Bullish
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Here’s Why Altcoins Bouncing as Bitcoin Retraced From $10K Is Bullish

10 May Here’s Why Altcoins Bouncing as Bitcoin Retraced From $10K Is Bullish

Posted at 04:49h in Bitcoin News by

The price of Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization, hit the psychological barrier of $10,000 but immediately rejected. Meanwhile, the sentiment is shifting from fear towards greed as the Crypto Fear & Greed Index is now above 50 for the first time in three months.

However, altcoins have been showing weakness across the board. Investors are selling their altcoins to catch the Bitcoin train with the halving now less than three days away.

Crypto market daily performance. Source: Coin360

Crypto market daily performance. Source: Coin360

Bitcoin hits the psychological level of $10,000

BTC USDT 12-hour chart. Source: TradingView

BTC USDT 12-hour chart. Source: TradingView

Bitcoin is showing strength as the halving is approaching with the hype only increasing by the day. FOMO (fear of missing out) is increasing as well, which makes people eager to step into Bitcoin and the price to rally heavily.

However, is such a rally sustainable, or will this be another case of “buy the rumor, sell the news”? Based on the previous halving and the previous halvings…

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