The cryptocurrency market has remained relatively calm over the past 24 hours, although the price of Bitcoin (BTC) has hovered at the lower bound of a weekly bullish flag. On the hourly chart, Bitcoin price has declined against the US Dollar after hitting significant resistance at around $67,200.
Bitcoin is bleeding to altcoins
Short-term Bitcoin investors have been distributing their profits to the altcoin market to maximize their profits. Additionally, Bitcoin's dominance has declined by more than 2 percent since the halving to about 55 percent as of Friday.
The ETH/BTC pair has formed a reversal pattern on the weekly and hourly time frames, favoring an upcoming high season. Altcoins to watch out for include Binance Coin (BNN), NEAR Protocol (NEAR), and meme coins.
Important events are coming
The global cryptocurrency community is graced with spot BTC ETF trading in Hong Kong. The approval of spot BTC ETFs in Hong Kong will add to the bullish sentiment sparked by the similar approval in the US.
Meanwhile, the third federal funds rate will be released on the first day of next month. Market experts expect the Fed to maintain its key interest rate and probably cut rates later this year.
Important BTC values to keep an eye on
Captain Faibik, a popular and respected crypto analyst, has closely followed Bitcoin prices and has technical expertise. According to the crypto analyst, Bitcoin price has formed a bullish flag to prepare for the next uptrend. Additionally, the flagship coin is already in the price discovery phase after hitting an ATH of around $74,000 last month.
The analyst expects Bitcoin price to retest the support level around $61,000 several times before rebounding to a new ATH above $86,000 soon.
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