BTC and most altcoins are facing strong selling at the top of each rally, but the short-term downside could be limited since Bitcoin bulls keep buying each dip.
FTX CEO’s comments on Bitcoin received heavy backlash from the crypto community, with many reminding him of Solana, a PoS network that has gone offline half a dozen times.
Traders are hopeful that Bitcoin can stage a relief rally within the $30,000 to $35,000 range, but selling at resistance could still keep BTC and altcoins in a strong bear trend.
The implosion of the Terra ecosystem appears to be manifesting contagion that is negatively impacting Bitcoin and altcoins.
The Solana network seems to be battling persistent outages while seeking to address the industry’s trilemma.
BTC and many altcoins are fast approaching the “capitulation phase,” which is typically followed by the market finding a bottom.