Bitcoin boomed the entire crypto market overnight, with a sustained defense of $ 8,800 sparking immense momentum, increasing its market cap by almost $ 10 billion.Although today’s rally is an obviously bullish sign, analysts are still cautious as to where the market could go in the coming days and weeks. Several respected analysts point to factors that make this upswing short-lived and possibly followed by a massive decline that leads BTC towards the lower $ 7,000 region.
Bitcoin is growing the crypto market by $ 10 billion
The crypto market has been closely monitoring Bitcoin’s price action in recent weeks.This correlation has proven to be positive for the market as BTC rebound at most $ 8,800 lows caused most altcoins to rise.The market has increased its capitalization by $ 10 billion in the past 12 hours and has changed the mood of investors dramatically.Important to note: analysts remain skeptical about the long-term importance of the recent upswing at $ 8,800.
Historically, trends fueled by liquidations tend to be short-lived. Therefore, this could be a bad sign of the recent upswing if buyers are unable to generate massive buying pressure.
How low can BTC go if the upswing fails?
If buyers get no more support and the cryptocurrency starts to drift down, analysts are now finding that Bitcoin and the aggregate crypto market could experience a far-reaching sellout.