Finance

Altcoins rally as analyst warns Bitcoin is in the ‘$50K – $60K twilight zone’ By Cointelegraph

Altcoins rally as analyst warns Bitcoin is in the ‘$50K – $60K twilight zone’

The price of (BTC) is still stuck in what traders hope will be a short-term downtrend as the impact of the April 18 rumors of a crackdown on “unnamed financial institutions” for facilitating money laundering using cryptocurrencies has yet to be shaken off.

Data from Cointelegraph Markets and TradingView shows that since being pummeled below the $51,000 level on April 18, the price of BTC has been trading in a range between $52,500 and $57,500 and establishing a descending pattern of lower highs and lower lows.

4-hour chart. Source: TradingView
ETH/USDT 4-hour chart. Source: TradingView