Bitcoin Fushu Fushu
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Summary
- It was reported that Bitcoin's rapid rise and altcoin's rebound became an issue.
- Alex Kuptsikevich, an analyst, stated that Bitcoin is breaking through the upper resistance and the next target is expected to be around 110k~100k.
- The analyst suggested that investors might consider strategies to purchase altcoins that have increased average lower profitability.
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Bitcoin (BTC) is experiencing a rapid rise, and there is analysis that altcoins (excluding Bitcoin) are also rebounding. Some altcoins are entering the overbought zone, indicating caution is needed.
According to FXEmpire on the 12th (local time), Alex Kuptsikevich, a senior market analyst at FXPro, stated, "Bitcoin is continuing to rise, breaking through the upper resistance, and the next target is expected to be around 110~100k," while also mentioning that "altcoins are also rallying sharply, and short-term resistance is being tested."
The analyst noted, "Dogecoin (DOGE) and Cardano (ADA) have more than doubled in value over the past five days, but they are seen as being in an overbought state," adding that "altcoins may experience more turbulent movements in the coming weeks. Investors might consider strategies to purchase altcoins that have increased average (lower) profitability."
On the other hand, the term 'soft squeeze' refers to investors who had been selling when Bitcoin prices were rising, now covering their short positions or reducing their losses by purchasing it.
