The altcoin market has outperformed BTC in the past week.
A drop in BTC to around 100 thousand USD may be imminent.
Bitcoin [BTC] has experienced a strong increase from May 6 to May 9, rising from 93.8 thousand USD to 103.6 thousand USD. Over the past six days, the leading cryptocurrency has seen significant volatility.
This short-term price momentum may be a sign of an accumulation phase before a new move.
While Bitcoin stagnates on the price board, compared to the surge from April 20, Ethereum [ETH] has increased by 13.4% in the past five days.
The altcoin market is growing alongside ETH, leading to a decrease in Bitcoin Dominance.
Source: BTC.D on TradingView
This indicates that the altcoin market has outperformed BTC in the short term. At the same time, there are signs of increased market confidence.
A Bitcoin price increase is predicted, and the liquidation charts indicate how this move might unfold.
Bitcoin is about to drop to around 100 thousand USD before rising again
Source: BTC/USDT on TradingView
On the 2-hour chart, a support formation from 101.7 thousand USD to 104.8 thousand USD has been drawn. At the time of writing, Bitcoin has dropped below the mid-support level at 103.3 thousand USD. This is a sign that it is likely to test the low of the support.
At the same time, OBV is testing the low formed on May 9. This is another sign that sellers are dominating in the short term.
Source: Coinglass
The liquidation heatmap from the past week shows that the strongest areas are 106 thousand USD and 98.6 thousand USD.
A liquidity accumulation is also seen at 102.4 thousand USD and 100.3 thousand USD, these areas are closer to the market price compared to 106 thousand USD.
Along with a decline in OBV and price dropping below the mid-support level, another Bitcoin drop seems very likely. The southern liquidation levels suggest a price move down to 100.3 thousand USD, or at most 98.6 thousand USD, is occurring.
Source: https://tintucbitcoin.com/ethereum-vung-len-bitcoin-on-dinh-dieu-gi-tiep-theo/
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