On Jan. 10, after crisscrossing it for the past three days, Bitcoin (BTC) price slipped again below the $40,000 mark as the focus turned to altcoins, namely Dash (DASH) and Bitcoin Cash (BCH). The BTC price decline comes after another failure in weekend trade to smash through resistance at $41,500.
An rise in revenue by miners is presumably one cause for the decline. The Miner’s Place Index (MPI) measuring the BTC ratio leaving all miner wallets to its 1-year moving average, has reached levels where miners are selling.
“The Miner Position Index looks enough to make a local top,” Ki Young Ju, CryptoQuant CEO, commented just before the price plummeted.
“They’re selling $BTC. I’m going to punt a small short to scalp $BTC in this short-term bearish market.”
Other explanations are mostly technological since altcoins are given some time by BTC to catch up and because of sentiment. For instance, the Crypto Fear and Greed index has stayed at dangerously high levels, signalling that a pullback is probable. In fact, for two months, the metric has stayed above 90 or ‘serious greed,’ the longest duration in its history.
Bitcoin Cash follows Ethereum’s breakout
In the meantime, altseason begins with the bullishness seemingly changing in Sunday trade from BTC to Bitcoin Cash. In the last 24 hours, the latter has jumped from $420 to as much as $630.
With BCH/USD now at the highest levels since November 2018, the move signals a technical breakout from a multi-year bear market.
The biggest winner over the past 24 hours, though, is Dash, with its price raising by nearly 40 percent. DASH soared over 100 percent from $95 to as high as $194 during the brief parabolic run, only to pull down to the $140 mark.
The change also marks a strategic breakout from a multi-year recession as big altcoins are now trailing in the footsteps of Ethereum last weekend, which was pointed out by many observers as the potential beginning of the ‘altseason.’
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