$BTC The cryptocurrency market starts in the green, but Bitcoin sell signals loom on the horizon
Key points:
* Bitcoin, Ethereum, XRP, and Dogecoin start the week with gains.
* BlackRock's $239 million purchase of Bitcoin boosts positive sentiment.
* Analysts warn of a short-term pullback for Bitcoin despite the rise.
The cryptocurrency market kicked off the week on a high note, with major assets flashing green. However, technical indicators suggest that Bitcoin may face a short-term correction, even with increasing institutional interest.
Bitcoin's rise faces resistance
Despite its market value increasing by 2.3% and BlackRock's massive purchase of $BTC , sell signals for Bitcoin appear on the hourly charts, indicating a potential downturn.
Alternative currencies show strength, but caution remains
$ETH and $XRP test key levels, while Dogecoin awaits a bullish reversal. However, analysts urge caution as large transaction volumes and active addresses decrease across the board.