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Bitcoin’s price has recently been trading around the $81,000 mark, continuously testing previous resistance levels and increasing short-term volatility. In particular, there are reports that a lot of short positions have built up, raising concerns that a rapid jump could trigger a short squeeze. It seems that this kind of move in Bitcoin’s price is also affecting the altcoin market.
Over the past few days, altcoins have been moving quite actively, showing a pattern of rising together as Bitcoin’s price maintains its bullish momentum. Of course, a correction could come at any time, but the current market sentiment is quite positive. We’ll need to watch how far Bitcoin’s price can go next.