Bitcoin (BTC), the price fell again below the $ 40,000 level on January 10 after crisscrossing the past three days as the spotlight shifted to altcoins, namely Dash (Dash) and Bitcoin Cash (BCH). The BTC’s price drop comes after another failure of breaking the resistance near USD 41,500 during weekend trading.
One reason for the decline is likely to be an increase in sales by miners. Such as reported yesterday the Miner’s Position Index (MPI) which calculates the ratio between BTC and exiting all miner portfolios to the 1-year moving average reached levels at which miners are selling.
Miner Position Index seems enough to make a local top, ” noticed CryptoQuant CEO, Ki Young Ju, just before the price fell.
Other reasons are largely technical as BTC gives altcoins some time to catch up and sentiment. For example, the Crypto Fear and Greed index has remained at dangerously high levels, suggesting a relapse is likely. In fact, the standard has remained above 90, or “extreme greed,” for two months, the longest period in its history.
Bitcoin Cash follows the Ethereum outbreak
Meanwhile, altseason continues with the bullishness apparently shifting from BTC to Bitcoin Cash in Sunday trading. The latter rose from $ 420 to $ 630 in the past 24 hours.
The move marks a technical breakthrough of a multi-year bear market with BCH / USD now at its highest level since November 2018.
However, the biggest gain in the past 24 hours is Dash, whose price is up about 40%. During the brief parabolic rally, DASH rallied more than 100% from USD 95 to as high as USD 194 before retreating to the USD 140 level.
The move also marks a technical breakthrough from a multi-year slump, as major altcoins follow Ethereum’s footsteps from last weekend, which has been referred to by several analysts as the possible beginning of ‘altseason’