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Bitcoin Surges Past $64K: Altcoins Eye Recovery Amid Shifting Market Dynamics

Bitcoin surged past $64,000 before the weekly close on April 28, while altcoins showed signs of recovery. Altcoins are expected to receive a boost as Tether’s dominance wanes.

Data from TradingView revealed a stronger momentum in Bitcoin’s price over the weekend.

BTC/USD reversed its weekly lows of $62,400 and maintained higher levels, hovering around $63,500 at the time of writing. Altcoins also saw positive movement in “out-of-hours” trading, with the total altcoin market cap up approximately 1% for the day. Popular trader Skew noted the nice bounce in altcoins but pointed out the trend of setting weekly highs around Monday to Tuesday.

However, Skew anticipated sell-side pressure on Bitcoin around range highs, potentially limiting further bullish advances. Trader and commentator Moustache expressed confidence in a full-fledged “altseason” on the horizon, rivaling the market’s performance since the all-time highs of 2017.

Regarding Tether dominance, which saw an attempt to reclaim after breaking below a rising trendline, Moustache suggested it was just a “backtest,” indicating that when Tether dominance decreases, altcoins tend to rise.

Meanwhile, some traders awaited cues from “TradFi” trading, including Bitcoin futures, for insights into the crypto market trajectory. Despite Bitcoin consolidating below previous cycle all-time highs, trader Alan Tardigrade found promise in the monthly BTC/USD chart.

He argued that Bitcoin’s position above the Triangle Top on the monthly chart is bullish, suggesting that consolidation is necessary for a sustained bull run in the future. Tardigrade’s analysis included a comparison of Bitcoin’s current situation to a pre-breakout period for the Nasdaq Composite Index in 2013.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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