Altcoins may need a Bitcoin breakout to escape the sell-off

Crypto money is flowing away from altcoins to Bitcoin as spot ETF demand wanes and other cryptocurrencies experience a sell-off, according to market maker Wintermute and the market overview from Phemex. The message for those holding altcoins couldn’t be clearer – there will be no broader uptrend without Bitcoin’s leading move. Wintermute reportedly estimated that the $82,500 mark is a new key level for Bitcoin’s short-term movement. The line that was considered a barrier turned into a price that the bulls are trying to defend after Bitcoin fell marginally over the week. According to the firm, there are only two ways forward now – either a breakthrough through $87,000, thus opening the way to higher prices, or falling below $82,500, sending the price towards testing the $70,000 mark again.

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