The cryptocurrency market has remained relatively calm in the past 24 hours despite fluctuating Bitcoin’s (BTC) price on the lower border of a weekly bullish flag. On the hourly chart, Bitcoin price against the US dollar has been grinding lower after experiencing a significant resistance level of around $67,200.
Bitcoin Bleed to Altcoins
Short-term Bitcoin investors have been distributing their profits to the altcoin market to maximize gains. Furthermore, Bitcoin dominance has retraced more than 2 percent since the halving event to about 55 percent on Friday.
The ETH/BTC pair on the weekly and hourly time frames has formed a reversal pattern that favors an altseason ahead. Some altcoins to pay attention to include Binance Coin (BNN), NEAR Protocol (NEAR), and meme coins.
High-Impact Events Ahead
The global cryptocurrency community will be graced with the trading of spot BTC ETFs in Hong Kong. The approval of spot BTC ETFs in Hong Kong will add to the bullish sentiment triggered by the U.S.-based similar approval.
Meanwhile, the third Federal Funds Rate will be released on the first day of next month. Market experts believe the Fed will hold its benchmark interest rate, with anticipated interest rate cuts later this year.
Key BTC Levels to Watch Ahead
A Successful Bullish Flag Breakout will Send $BTC #Bitcoin to 86k..
License.
