Bitcoin stops at $97,800, will the siphoning effect cause altcoins to bleed?

For several days, Bitcoin has been consolidating around $98,000, failing to break through the $100,000 line. Data shows that on the 22nd alone, bullish users made $443 million in profits. After BTC surged significantly and approached the $100,000 milestone, the crypto market seems to have entered a consolidation phase.

During the consolidation around $97,800, the altcoin market showed differentiation:

1. As the second-largest cryptocurrency by market capitalization, despite a slight price pullback, it remains resilient supported by the upcoming ETF and the development of the Layer-2 ecosystem.

2. The price shows strong momentum, breaking through $1. However, due to the influence of Bitcoin's trends and regulatory developments, there is still uncertainty.

3. Small altcoins: Assets like SOL, DOGE, and ADA are highly volatile, with some losing momentum during Bitcoin's consolidation.

The Fear and Greed Index remains in Bitcoin's "Extreme Greed" range, indicating strong bullish sentiment while raising concerns about potential overbought conditions.

Mainstream opinions suggest that Bitcoin's current consolidation may signal an imminent rise for altcoins. Technical indicators such as Bollinger Bands and the Relative Strength Index (RSI) show that Bitcoin is approaching the overbought zone—historically, this situation is often associated with altcoin rebounds.

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