Bitcoin Price Surges Above $69,660 and Triggers Altcoin Volatility

Bitcoin Price Surges Above $69,660, Triggering Altcoin Volatility

Bitcoin's price has ascended above $69,660, inducing substantial fluctuations in altcoins. Recent developments have heightened the risk appetite among crypto investors. President Biden's reluctance to veto the crypto law and the proactive actions by potential issuers of spot Ether ETFs have contributed to this surge. Accelerated file updates suggest enhanced communication with the SEC, potentially increasing the likelihood of approval.

PEPE Coin Commentary

PEPE Coin has regained its all-time record levels. However, as previously cautioned, such elevated levels, where profitability is widespread, can trigger significant selling. Network Realized Profit/Loss indicates declining overall gains since April, suggesting a shift towards profit-taking.

With the re-attainment of all-time high levels, investors who have secured substantial profits may opt to exit, potentially leading to a pullback. The 30-day MVRV indicator, currently at 38%, has historically triggered price corrections in the range of 15% to 36%. Consequently, PEPE Coin may be experiencing the onset of a sell-off.

PEPE Coin Price Prediction

The altcoin's recent 51% surge in two days was largely driven by the rise in BTC price. Meme Coins have consistently exhibited greater volatility, particularly during BTC price increases, due to the influx of investors seeking quick gains. PEPE Coin's new all-time high of $0.0000143 has yet to produce a bearish signal technically.

Nevertheless, should a pullback occur due to the factors outlined above, the initial support level to watch is $0.0000125, representing the 78.6% Fibonacci Retracement. Failure to hold this level may result in a further decline to the 61.8% Fib line at $0.00001146.

If the final support level is breached, indicating a persistent sell-off, PEPE Coin may experience a delayed recovery. Conversely, a robust rebound from this support could be fueled by bulls cashing in their substantial profits, potentially paving the way for a new ATH. Bitcoin's price remains within the $70,000 range for the time being.