Aside from Litecoin $LTC , which currently leads the latest recovery among top #altcoins , other assets like Uniswap’s $UNI and Optimism’s $OP are following suit with an average of eight per cent gain over the past 24 hours.
The question of whether #bitcoin n top is near or not has recently generated considerable controversy among many crypto enthusiasts due to market speculation and uncertainty.
Fundamentally speaking, the focus is shifting away from the flagship cryptocurrency following a significant return on investment (ROI) over the past two years. Some long-term holders appear satisfied as they shift their interest and funds to lower-risk assets like $SUI, which seems to be gaining a lot of attention from institutional investors following the recent filing.
Yes, there’s a lot of panic amongst retail traders in the past few days as the crypto market bled out again following the late July drop. Whales are still holding their bags with optimism, hoping to buy more from weak hands.
Meanwhile, several on-chain analyses have suggested Bitcoin to be slowly entering an euphoria stage, where it is likely to initiate a major sell-off.
Technically, the primary cryptocurrency may have entered an extremely overbought condition as demand now becomes relatively low on a monthly scale due to fear uncertainty and doubt (FUD). But the bulls are not giving up yet!
While the peak might be around the corner, the actual reversal level is yet unknown.
However, overall market sentiments are still very high as the bulls remain optimistic of a major rally in altcoin prices in the near term. As many are yet to go parabolic, we can expect huge gains when volatility flows back into them.
That said, the $123.2k level is currently marked as the new all-time high (ATH). Rejecting that level has led to a retest of the previously broken ATH over the weekend, and as we can see now on the daily chart above, it currently sits well above $114k amid the latest recovery.
Appearing strong on the day, BTC is still in a pullback mode. A full recovery to the current high could trigger more breakups.
Inversely, there’s still room for a pullback in case of further drops. Losing the psychological $100k level in the process could facilitate a major sell-off. But right now, there’s still hope for more increases in the near term.
