Retail traders capitulated as Bitcoin and Ether dropped to multi-month lows and technical indicators suggest the markets could remain volatile over the next few days.
Bitcoin price remains pinned below $50,000 but the drop in BTC dominance could propel ETH, BNB, XMR and CAKE higher over the short term.
Although Bitcoin is struggling to recover from its recent crash, Ethereum is pushing toward a new high and prompting several altcoins to rally.
After the initial oversold bounce, traders are struggling to sustain the momentum of the relief rally in Bitcoin and most altcoins, a signal that selling could intensify at higher levels.
Altcoins continue to press higher while Bitcoin bulls work on holding the $60,000 level as support.
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