After marking new yearly highs close to $44,500, the bitcoin price has begun to consolidate within narrow regions while sustaining above-average gains. Besides, the altcoin market capitalization is testing one of the crucial levels, which suggests a potential shift from the star token towards the other altcoins.
The BTC price consolidation is around $43,000, and ETH’s growing momentum points towards the possibility of the second-largest token outperforming the largest token. One of the prominent analysts, Rekt Capital, points out the levels testing the old resistance as the new support after holding it as support for three weeks in a row.
The altcoin market has constantly failed to surpass the crucial resistance zone for a long time. If the Bulls manage to lift the levels beyond the pivotal resistance, then the markets may shift in favour of altcoin, while the BTC price could remain consolidated within a narrow range. Besides, the ETH/BTC has dropped and is hovering along the lower support. The possibility of a rebound currently appears to be fewer as the bears appear to have capitulated the rally.
It is quite evident that the Ethereum price is gaining strength against Bitcoin, but the star token could reach $47,000 to $48,000, which remains the main target for the current run. The price soared from $29,000 to the current levels after the fake Spot Bitcoin ETF approval made huge rounds. If so, the real approval may trigger a fine upswing beyond $50,000 in the coming days.