bullish

FOMO

Chainlink

Coin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/btc-maintains-60000-as-altcoins-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC Maintains $60,000 as Altcoins Surge</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/how-bitcoin-etfs-revolutionize-investor-trends" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s (BTC) price remains solid above the $60,000 mark, bolstering the confidence of altcoin investors. If BTC sustains its current levels through the weekly close, optimism for a market rebound is likely to increase. This sentiment is driven by September’s potential <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">interest rate</a> cuts and the end of prolonged stagnation in the market, which could lead to significant price hikes. But what does the short-term scenario look like?</p>
<h2 id="is-chainlink-link-poised-for-a-decline">Is Chainlink (LINK) Poised for a Decline?</h2>
<p style="text-align: justify">In the short term, Chainlink (LINK) appears to be facing a potential downside. Data from CryptoQuant reveals that despite a recent 10% increase, LINK reserves on exchanges have surged to levels not seen since August 4. This uptick in reserves indicates a higher supply ready for sale, which could lead to price pressure.</p>
<p style="text-align: justify">Long-term investors often move assets to cold wallets to hold them, and a decline in exchange reserves generally signals a bullish trend for BTC and altcoins. For instance, BTC exchange reserves have dropped by over 10% annually, reflecting strong accumulation.</p>
<h2 id="what-does-the-link-coin-price-chart-indicate">What Does the LINK Coin Price Chart Indicate?</h2>
<p style="text-align: justify">The LINK Coin price chart shows a bearish flag forming on the daily chart. This pattern, characterized by three converging trend lines, suggests a downward breakout. The initial downtrend forms the flagpole, while the support and resistance lines during consolidation complete the flag. Given the bearish indicators, a drop below $10 is possible, with a target around $9.95.</p>
<p style="text-align: justify">If buying pressure increases and BTC tests $62,000, LINK could reverse its trend and aim for the $13.1 resistance level. Currently, BTC stands close to $60,500, and altcoins have paused their gains. Upcoming comments from Powell and the Jackson Hole speech are expected to introduce more market volatility.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify"><strong>Actionable Inferences:</strong></p>
<p style="text-align: justify">• Monitor BTC’s ability to sustain above $60,000, which could signal further market recovery.<br> • Track LINK reserves on exchanges; a high level suggests potential selling pressure.<br> • Pay attention to social dominance <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a>, which can indicate market sentiment and potential FOMO peaks.<br> • Watch for bearish flag formations on charts as they often precede downward movements.</p>
<p style="text-align: justify">In summary, while BTC’s stability above $60,000 instills confidence, altcoin investors should remain cautious of potential short-term declines, particularly for LINK Coin. The market eagerly awaits updates that could sway these dynamics.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/btc-maintains-60000-as-altcoins-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC Maintains $60,000 as Altcoins Surge</a></h5>

BTC Maintains $60,000 as Altcoins Surge

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