Bitcoin and Ether lead the market higher as bulls show up in force. Which altcoins will follow?
Bitcoin (BTC) jumped up sharply on May 20, but the price remains inside a range. Typically, traders sell when the price nears the overhead resistance, but the inflows into the spot Bitcoin exchange-traded funds show that buying continues. Farside Investor’s data shows total inflows of $500 million into the spot Bitcoin ETFs on May 20 and 21.
However, several analysts are concerned about Bitcoin’s short-term price action. Bollinger Bands creator John Bollinger told his X followers that Bitcoin’s formation suggests a short-term consolidation or a pullback. Similarly, trading resource Material Indicators cautioned that one of its proprietary trading tools was signaling a “clear” down signal, which would invalidate above $71,500.
While Bitcoin awaits a breakout, the action is gradually shifting to Ether in anticipation of a possible approval for the spot Ether ETFs in the United States. Approval will likely boost sentiment in the cryptocurrency sector, catapulting select altcoins higher.
