Analysts Worried for Altcoins: It Would Be Positive If Bitcoin Returns to This Price! - Coin Bulletin

According to analysts who say that Bitcoin taking the reins is worrisome for altcoins, reaching the $97,000 price band will be a positive sign for the market.

FxPro senior market analyst Alex Kuptsikevic stated that as Bitcoin's market dominance exceeds 60%, Ethereum's (ETH) share has dropped to the lowest level in the past five years at 9%, which he indicated is a negative signal for altcoin investors. According to the analyst, in this period dominated by fear in the market, investors are largely directing their capital towards Bitcoin.

Kuptsikevich emphasized that Bitcoin continues to fluctuate around 200-day MA(. On Tuesday, Bitcoin tested below this level, testing the bottom of 83 thousand dollars, and experienced a short-term recovery. On Wednesday morning, the analyst pointed out that the market is trying to form a bottom, expressing that investors are cautious about determining the direction.

According to Kuptsikevich, Bitcoin's 50-day moving average )50-day MA( level of $97,000 is crucial for the market as a significant bullish signal. A return to this level could increase buyer confidence and bring a positive momentum back to the market. However, currently, while Bitcoin dominance is increasing, weakness persists in the altcoin market, and investors' risk appetite remains low.

Bitcoin, according to CoinGecko data, is trading at $91,436 with a 1.5% increase in the last 24 hours at the time of writing the news.