Bitcoin goes up, altcoins go down: analyst explains
The price of Bitcoin (BTC) has surged over the past day, increasing its price by nearly 10% to over $19,500. Meanwhile, most major altcoin s like Ethereum (ETH) have continued their downward trajectory. According to crypto analyst Jason Pizzino, this divergence between Bitcoin and altcoin s is expected in the current market cycle. In his latest YouTube video, Pizzino explains why Bitcoin’s price increase does not necessarily signal a broad recovery for the crypto market yet. The analyst notes that while Bitcoin successfully tested a key resistance level around $19,400, it needs to consolidate above that level before confirming an uptrend. When it comes to altcoin s, Pizzino points out most major cryptos are hitting new lows against Bitcoin. You might also like: Charles Hoskinson: Bitcoin has a governance problem Ethereum in particular has broken below key long-term support levels on its Bitcoin pairing, indicating weakness. Pizzino believes the ETH and BTC pairi...