Bitcoin and most major altcoins have bounced off their strong support levels and may challenge the overhead resistance in an attempt to resume the up-move.
Bitcoin price has hit resistance at the $24,000 level, resulting in a slight pullback in select altcoins. Is the rally over?
Traders are still buying BTC and major altcoins on each dip, but selling near overhead resistance could be a sign that price action will remain range-bound in the short-term.
Despite July 20’s pullback, the market structure of BTC and most altcoins is still showing early signs of a trend reversal.
Bitcoin and many altcoins are back at key overhead resistance levels, but will bulls gather enough momentum to produce a sustained breakout?