Bitcoin’s (BTC) range-bound action since its breakdown at the $61,000 level has confused analysts. Some are projecting that a sharper correction could be in development while others remain steadfast in their belief that the uptrend will resume shortly.
According to data from Ecoinometrics, history suggests that Bitcoin price breaks out between 300 and 350 days following a supply halving. Currently, 329 days have passed since the latest halving, and if history repeats itself Bitcoin could soon witness a breakout.
Crypto market data daily view. Source:Coin360
An encouraging sign from this most recent market-wide sell-off is traders are viewing this as an opportunity to buy rather than panicking. This suggests that the sentiment remains bullish. Data from Glassnode shows that $476 million worth of stablecoins were deposited to exchanges, possibly with the intent to buy the dip.
While Bitcoin’s next move hangs in flux, several altcoins have been trending upward. Let’s have a look at three tokens that could outperform the markets in the short termTitle: 1inch, Celsius (CEL) and PancakeSwap (CAKE) rally as traders return to DeFi
Sourced From: cointelegraph.com/news/1inch-celsius-cel-and-pancakeswap-cake-rally-as-traders-return-to-defi
Published Date: Thu, 08 Apr 2021 20:37:05 +0100