Analyst: Bitcoin failed to maintain above $100,000, consolidation suppressed the entire market's buying power
FxPro Chief Market Analyst Alex Kuptsikevich said that Bitcoin's failure to consolidate above $100,000 may have suppressed the entire market's buying. "Bitcoin is trading slightly below $99,000 with little overnight fluctuation. Bitcoin's inability to rise has had a negative impact on altcoins. We believe that Bitcoin's slump is an important position adjustment, which will help the market get rid of short-term overbought conditions and rise more reliably. However, based on Fibonacci extension predictions, the next upward momentum could push prices into the $120,000 region." (CoinDesk)
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