When it comes to the crypto market’s current performance, Bitcoin is a major influential factor in moving or making waves within the market. For the most part, the market looked pretty much floating on the dead water with not so much taking place as the prices are where they were weeks ago with only a slight overall change. But when the Bank of America gave the green light to Bitcoin’s futures trading, Bitcoin showed bullish signs, and the price ticked up at $31k, which has now settled at $32k.
At first, the news was kind of condescending with nothing much to go on or to be able to prove the authenticity of the news, but when it was confirmed, Bitcoin started to make some key changes in its price patterns and went bullish even if it was for a brief period of time. Bitcoin is currently residing at the $31k support level, and if things go well for the flagship cryptocurrency, it will be able to make a rebounding move to achieve the $42k stance, but until that happens, nothing can be said for sure.
According to analysts and financial experts, Bitcoin is flummoxed at the moment, and if it leaves the $31k support levels, then it is going to collapse all the way down to $26k or even at $24k which is even worse than before for Bitcoin. This depends on the current market stability and whether or not Bitcoin has in itself to be able to stick with the current estimated support levels.
On the other hand, taking a look at the altcoins suggests that the market is completely immobilized, nothing good is happening for Bitcoin, and nothing great seems to come up for Ethereum or any other altcoin there is. Ethereum is ravishingly trying to step up to the plate by reclaiming its position above the $2k price point, but at the moment, it seems like a lonely and depreciated approach as one altcoin can’t possibly move the entire crypto market, the whole altcoin segment needs to buckle up for that.