Altcoin short-term rally is over as Bitcoin plunges to $20,900, and bears are taking control once again
The beginning of the week was not as smooth as most investors and traders were expecting as the dominance of bears on the market rose exponentially: exchanges are paying for opening longs, the number of shorts is blasting through the roof, and most cryptocurrencies areSince Aug. 14, BTC lost more than 12% of its value, following the dropout from the ascending wedge that acted as a guideline for the price of the asset since the beginning of July.
Technical tools like the volume profile were also hinting at the upcoming fading of the rally. The lack of trading volume after the first cryptocurrency fell below the wedge pattern shows that the majority of retail and institutional investors are not feeling like accumulating moreAs for now, Bitcoin dropped even further and tested the $20,000 price range. Luckily, investors pushed the first cryptocurrency back above the $21,000 threshold.
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