The recovery in Bitcoin and most major altcoins has hit a roadblock as they approach their respective overhead resistance levels. This indicates that the bears are active at higher levels, which could lead to a potential pullback in the near future. Here are the most important things to know about this development:
1. Bitcoin and other altcoins have been on a steady rise since the beginning of the year, with many reaching new all-time highs. However, as they approach their respective resistance levels, the momentum has slowed down.
2. The bears are active at higher levels, which means that there is selling pressure at these levels. This could lead to a potential pullback in prices as traders take profits and wait for a better entry point.
3. It is important to note that this is a normal part of market cycles, and pullbacks are expected after periods of strong growth. It is also important to keep an eye on the overall trend, which remains bullish for Bitcoin and many altcoins.
In summary, the recovery in Bitcoin and most major altcoins has hit a roadblock as they approach their respective overhead resistance levels. This indicates that the bears are active at higher levels, which could lead to a potential pullback in prices. However, this is a normal part of market cycles, and the overall trend remains bullish for Bitcoin and many altcoins.