OKX: BTCUSDT

Bitcoin has reached a historical high of $69,000, and investors are wondering what will happen next in the market.

In this technical analysis, we’ll look at the potential scenarios for Bitcoin’s price action and its implications for altcoins.

Bitcoin is on the verge of updating its all-time high (ATH).USDT dominance indicates a potential drop to 3.7-3.9%, showing a bullish sentiment towards Bitcoin.Bitcoin dominance is also increasing, indicating market focus on Bitcoin.

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After updating its ATH, Bitcoin may experience a sharp pullback to the range of $57,700-60,000.This range will serve as a critical point for determining the medium-term trend.

If buyers hold this range, it could signal a continuation of the upward trend that can lead to further gains.

However, if Bitcoin breaks below this range and settles in the range of $50,000-52,000, it could indicate a short-term correction.

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The trend of Bitcoin will also impact altcoins.If Bitcoin’s price holds above the critical range, it may provide opportunities for long positions in altcoins in the medium term.

If Bitcoin experiences a significant correction, it could lead to short-term bearish sentiment in altcoins.

Image credit:Tradingview.com

The crypto fear and greed index is currently at 90, indicating extreme greed in the market.This level was only surpassed at the end of 2020-2021, reaching 95.The high level of greed raises questions about whether the market will continue to grow or if a correction is near.

Bitcoin’s journey after reaching historical highs will depend on how it behaves within the critical price ranges identified. Investors should monitor Bitcoin’s movements closely, as they will have significant implications for both Bitcoin and altcoins.

The fear and greed index serves as a useful gauge of market sentiment and can provide insights into potential market movements.

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