Bitcoin (BTC) is consolidating after recent gains, facing resistance near $100,000. According to analyst Filbfilb on X, BTC price action is exceptionally "bullish-looking". Bitcoin's market capitalization is battling to reclaim $2 trillion as support, a level lost in early February.
The tug-of-war occurs as Bitcoin's dominance fades, potentially signaling an altcoin resurgence. Filbfilb noted that a "trend change" for Ether (ETH) versus BTC requires ETH/BTC to reclaim 0.03, a level last seen in early February. Bitcoin found multimonth lows around $75,000 in April, supported by onchain reversal signals.
Analysts predict that the current slowdown is a stepping stone to retesting all-time highs near $110,000. Short-term pullbacks below $100,000 are possible, but the overall outlook remains bullish. This analysis is based on market observations and should not be considered investment advice.
This article is based on our author's analysis of materials taken from Cointelegraph Markets Pro and TradingView.