Bitcoin News Today: Altcoins Surge 10% as Bitcoin Dips 0.2% to $117,777

Bitcoin (BTC) experienced a slight downturn, slipping below $118,000 amid rumors of European Union tariffs. This decline triggered a mixed market response, with altcoins showing surprising strength and recording double-digit gains throughout the week. This development has sparked renewed hope among traders, who are now anticipating potential bullish trends in the market.

Bitcoin is currently trading at $117,777, having dipped to $117,315 in the past 24 hours. Despite Bitcoin’s stagnation, several altcoins like DOGE have recorded gains exceeding 10%, and ETH has surged past $3,600. While Bitcoin struggles to maintain its key support level at $115,500, altcoins continue to thrive, showcasing significant strength in BTC pairs. As liquidity shifts from Bitcoin to these alternative currencies, we may witness the onset of what is known as an altcoin bull market.

In an analysis, it was noted that there might be a potential surge at the start of the week, following volatile weekend patterns. Such fluctuations could mean a temporary decline in altcoins, presenting promising buying opportunities. If this prediction holds, the potential weekend downturn could offer lucrative short selling opportunities on existing altcoin levels. Yet, if altcoins maintain their strength during Bitcoin’s downturn and rallies begin in Altcoin/BTC pairs, traders may find themselves caught in a precarious trap.

Solana (SOL) remains relatively subdued compared to its past bullish runs this year. The meme coin enthusiasm has waned, which partly accounts for its current state. Furthermore, major financial institutions continue to favor Ethereum over Solana, undermining its status as a game-changer against the industry giant. Nonetheless, this does not negate the possibility of Solana reaching greater heights. The community remains optimistic, suggesting aggressive investors might initiate similar bullish movements when the time comes. In the short term, it is predicted that if Solana surpasses the $180 threshold, it could ascend to $220, following familiar markers such as $188 and $203.

OP, long languishing, has begun its revival, exemplifying the initial discussion on BTC pair rises. Currently optimistic, it highlights the potential for OP to achieve a 450% gain against BTC. This development suggests that the altcoin market may be on the cusp of a significant bullish trend, with several altcoins showing strong performance despite Bitcoin’s recent downturn.