Bitcoin has seen a significant decline this week, falling more than 3% as traders shift their focus to other cryptocurrencies like Toncoin (TON), Pepe (PEPE), Kaspa (KAS), and JasmyCoin (JASMY). Despite Bitcoin's price dropping below $64,230, bulls are trying to defend this level, preventing a deeper correction.
The increased interest in these altcoins is reflected in their respective market activities. Toncoin has maintained solid buying support at lower levels, suggesting bullish sentiment. Pepe, although experiencing a correction, shows potential for a rebound if it can break through key resistance levels. Kaspa's recent price movements indicate buying interest at lower levels, and JasmyCoin is attracting buyers around its 50-day moving average.
Willy Woo, an independent analyst, mentioned that Bitcoin's recovery could begin once weaker miners exit the market and the hashrate stabilizes. Historical patterns suggest varying recovery times post-halving, with current conditions potentially delaying the process.
As traders diversify their portfolios, the performance of these altcoins will be crucial in the coming weeks. Bitcoin's ability to regain momentum will largely depend on overcoming current resistance levels and restoring investor confidence.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.