Despite ZEC’s rally, most altcoins remain under pressure, ASTER is down 33% on the week, and plasma (XPL) has dropped 25% as hype fades.
The crypto market fluctuated between key levels of support and resistance on Wednesday, with bitcoin BTC$108,033.92 trading at $107,800 and ether ETH$3,859.15 at $3,830, demonstrating indecision from traders and holders.
A breakdown in bitcoin price below $102,000 would indicate the continuation of a bearish trend that would likely prompt an accelerated drawdown to at least $98,400, which would have an amplified effect on the altcoin market due to a relative lack of liquidity.
If bitcoin can claw its way back to around $120,000, however, that would indicate a reversal from the short-term downtrend and would put fresh record highs back on the card.
