Bitcoin Back in The Channel And About To Fill CME Gap — Altcoins

After Bitcoin was heavily rejected at the 70k level, it was sent back into the bull flag channel. Moreover, as mentioned yesterday in another post, there's a CME gap at 66k Bitcoin that needs to be touched before moving higher. Currently, Bitcoin trades at 66.6k.

Overall, it is okay to have a rejection at the 70k level, although I would have preferred the price to stay above the bull flag trendline.

Altcoins, on the other hand, performed extraordinarily well compared to Bitcoin. This was probably the most surprising aspect yesterday. Despite Bitcoin's rejection, many altcoins were up 3%, 5%, or even more. Moreover, the picture today looks identical. While BTC is slightly down, we have many altcoins up 1%, 3%, or 5%.

However, since Bitcoin made another local dominance high it is healthy and important for alts to catch up. We'll see if this trend continues and we just witnessed the start of an altseason.