Bitcoin Rises as Its Dominance Across Cryptos Grows. Why It’s a Bad Sign.
https://www.barrons.com/articles/bitcoin-ethereum-price-crypto-markets-today-a65ce26
The price of Bitcoin has risen more than 1% over the past 24 hours to $26,750, at the upper end of a trading range between $26,000 and $27,000 that has held since a 10-month high above $30,000 was reached in April—a level that has proved difficult to reclaim. Cryptos have continued to stagnate in range-bound trading despite key catalysts on both the regulatory and economic front.
“Short-term indicators point higher, although intermediate-term indicators point lower, so we stay short-term neutral for now,” said Katie Stockton, managing partner at technical research firm Fairlead Strategies. “A breakout, while unlikely near-term, would target second resistance … near $32,000.
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It is interesting to note, though, most altcoins are still WAAAY down compared to their ATHs, like 50 - 90% down. Bitcoin is doing great in comparison to its ATH.
What some short-sighted short-term traders think of it doesn't matter much.
Another thing to remember, Bitcoin's price does NOT always reflect the current state of adoption or regulation. So his conclusion is kind of wrong. There are just too many factors playing into Bitcoins short-term price-range.