Bitcoin (BTC) has been on a tear and there’s no escaping it. But the majority of high-cap altcoins are seemingly suffering at the hands of this bull run, leading to the question: have we had our altseason already? Is it over or is there more to come?
Bitcoin has been eating up multi-year resistance levels like Pacman on an amphetamine-induced rampage lately, smashing through $11,300, then $12,400 then $13,100 before being rejected around the $14,000 level.
- Upper-level resistance around $14,400 — this is the level that needs to be broken out of, from here $17k Bitcoin starts to feel tangible.
- Mid-level resistance around $13,800 (near current spot price) — breaking out above this level puts the upper-level resistance as the next target. Breaking down below it puts the lower channel support as the next target.
- Lower channel support — this level is likely to hold based on orderbook heatmap data. However, should the orders vanish before they hit, then a further breakdown could occur. Providing this doesn’t happen, longing around $13,300 would be a good entry for a potential breakout.