Bitcoin price needs to rise above $68,000 to sustain buying in ETH, TON, UNI, and XMR.
Bitcoin (BTC) is down more than 4% this week, signaling that the bears are active near $70,000. However, Bitcoin investors seem to be viewing the dips as a buying opportunity. Market intelligence firm Santiment said in a post on X that Bitcoin’s dip to $66,600 saw a surge in buying while selling interest remained dormant.
Even as Bitcoin is trying to find a short-term bottom, Ether (ETH) is attempting a rebound off its recent drop below $3,400 on June 14. The solid demand at lower levels could be due to the expected launch of the spot Ether exchange-traded funds (ETFs). Bloomberg ETF analyst Eric Balchunas anticipates Ether ETFs to start trading as early as July 2.
Bitcoin’s recent weakness has increased selling pressure in several altcoins, which have dropped near or below their immediate support levels. However, if Bitcoin manages to stage a comeback, select altcoins are likely to witness solid buying at lower levels.
