ATOM Consolidates as Bitcoin Takes Driving Seat, Finds Support at $4.20 | Breaking Crypto News & Blockchain Updates

ATOM Consolidates as Bitcoin Takes Driving Seat, Finds Support at $4.20 — The altcoin market took a backseat on Thursday as crypto majors bitcoin and ether attempted to rally to new highs. As billions of dollars worth ofliqu...

The altcoin market took a backseat on Thursday as crypto majors bitcoin and ether attempted to rally to new highs.

As billions of dollars worth ofliquidity flowed into shorting bitcoinon the brink of record highs, altcoins like ATOM consolidated, finding support at the $4.20 level.

Typically when bitcoin rallies altcoin price action is muted and the inverse is true when bitcoin consolidates, so ATOM could be primed for a rally once bitcoin begins to cool off.

Technical analysis

CD20 Index Surges 2% Before Profit-Taking Emerges

Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.

CoinDesk Analytics is CoinDesk's AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.

All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk's editorial team before publication. The tool synthesizes market data and information fromCoinDesk Dataand other sources to create timely market reports, with all external sources clearly attributed within each article.

CoinDesk Analytics operates under CoinDesk's AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk's approach to AI-generated content in ourAI policy.

About

Contact