On July 12th, following the CPI reading, Bitcoin failed to reach the $31,000 resistance level. This again sent the popular crypto back to its usual range-bound movement. This is something that is even confirmed by several industry experts.
Quoting one such expert, “Bitcoin reacted with immediate volatility to the CPI data release, nearly reaching $31k before returning to its starting point, as buy and sell walls were placed to prevent volatility” – Negentropic.
According to Yann Allemann, co-founder at Glassnode and CEO of Swissblock Technologies, the bracket for organic price increase has gone. Instead, Allenmann believes that it would take a complete shake-up in order to inspire a newer wave of capital flow.
Subsequently, after this incident, many experts also believe that there might be a capital rotation approaching. This could be because of a myriad of reasons like the metaverse rage, factoring in macros, etc. As a result, this could prove good for altcoin. It is speculated that all the profits from Ether, Bitcoin and ETF could flow into altcoins.
This can initiate an industry trend that can decline Bitcoin’s market dominance and do the polar opposite for Altcoins. Altcoins’ market share would increase, along with its market dominance.
However, market mogul Allenman dismisses this claim. Allenman holds on to his point of view, and he claims that the market still needs an impl=ulse to shake things up in reality. So, with no sign of any impulse on the crypto horizon, the rotation might not come as soon as people might think.
So, while people are anticipating the ‘impulse,’ the question arises, what could be the impulse?
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