It's easiest to make moves when liquidity is low on weekends. $BTC formed a converging breakout pattern yesterday, and alarms for altcoins were also triggered. Generally, this is when things are about to happen.
Every time Bitcoin converges for a breakout, hot money starts looking for market leaders to bet on and initiate follow-up actions. So after the alarms went off yesterday, the market quickly followed suit with long positions on MOODENG, NEIRO, GOAT.
However, after seeing ETH's sudden drop of -2% in the evening, all long positions were liquidated, including the previous Ethereum long positions.
Funds in altcoins haven't completely retreated and are still watching how Bitcoin will move next. Bitcoin's current movement is quite confusing, with breakouts seeming both real and fake. Once Bitcoin confirms a genuine breakout and heads towards 110,000, altcoins will enter the next phase of their performance.
