Bitcoin traders are hoping to convert the $36,000 level to support, but there are concerns about a market-wide correction if they fail to do so. The Long-Term Holder metric shows that Bitcoin supply is near an all-time high, while the Short-Term Holder metric indicates tightening supply. Bitcoin derivatives markets have seen a significant increase in open interest, which has historically resulted in a minimum dip of 20%. While Bitcoin faces potential decline, traders are accumulating select altcoins, leading to rallies in several altcoins. The charts of the top 10 cryptocurrencies are analyzed to determine critical support levels and the sustainability of the altcoin rally.
Summary:
– Bitcoin traders want to convert $36,000 to support, but failure could trigger a market-wide correction.
– Long-Term Holder metric shows Bitcoin supply near all-time high, while Short-Term Holder metric indicates tightening supply.
– Bitcoin derivatives markets have seen a significant increase in open interest.
– Traders are accumulating select altcoins, leading to rallies in several altcoins.
– Charts of top 10 cryptocurrencies analyzed to determine critical support levels and sustainability of altcoin rally.