Bitcoin briefly touched $29,300 as the market continues its fluctuations this week. The market has been on a fluctuation roll since the major market decline in May, shifting the likelihood of a bull run further than anticipated. As of the time Bitcoin retraced to the $29k region, it did a double bottom pattern similar to June 22 low, before moving back up to $30,900.
Notwithstanding its movement upwards, indicators still show signs of a bearish movement. On the other hand, both the RSI and MACD are pointing towards a bullish reversal- RSI remains below while the MACD records zero. In view of this, Bitcoin has to rebel from the descending resistance line to prove a bullish reversal.
Meanwhile, Bitcoin exerts dominance on some altcoins such as Ethereum (ETH), Binance Coin (BNB) while it plunged briefly to $29k. Following the short-lived dip, Ethereum traded at a low of $1,735 and Binance Coin at $259. However, Bitcoin dominance did not affect some DeFi tokens. As of last week, Ethereum had led an altcoins’ revolt against Bitcoin in the wake of a similar price correction.
Altcoins’ Revolt Continue
Axie Infinity Shards ($AXS) has shown great performance from last week into the new week. Its move started last week from an $15 mark to an all-time high of almost $28. As price correction continued, it retraced to $15 again, before recording a high of $18.46 earlier on Wednesday. It’s still trading within the $18 range as of press time.
$AAVE, $COMP, $SNX have greatly performed since the start of the week as well, confirming DeFi tokens rebellion on Bitcoin’s dominance. Each of these tokens have something in common- they are all built on Ethereum network and DeFi-based. Without doubt, as the market continues its price lull, investors have found solace in the DeFi space, bringing much traffic to it and sending prices of tokens in the space over the roof.