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Crypto market is down as Bitcoin price rally fades
The main reason why the crypto market is down today is that Bitcoin has remained in a tight range this week. It has stayed at $118,000 for over a week as the recent bull run faded.
Bitcoin’s price action normally drives the broader crypto market. When it rises, most altcoins jump, and when it drops or consolidates, many tokens crash.
Fortunately, there are signs that Bitcoin’s consolidation is bullish, as it is slowly forming the popular bullish pennant pattern. This pattern consists of a vertical line and a symmetrical triangle, often leading to more gains over time.
Therefore, it is likely to have a bullish breakout, as the two lines of the triangle pattern are converging. This, in turn, could lead to a broader crypto rally. #Btc#