If Bitcoin breaks above $26,850, the recovery may pick up momentum and that could benefit BNB, LTC, OKB, and QNT.
The bears lost an opportunity when they failed to sustain Bitcoin below the $25,000 level this week. That may have attracted buying from the bulls who are attempting to start a recovery in Bitcoin and select altcoins.
Although Bitcoin and select altcoins are trying to start a relief rally, the overall trend remains bearish. Therefore, short-term traders who buy for a pullback should consider booking profits or tightening their stops when the price struggles to break above stiff resistance levels. Bitcoin turned up sharply on June 15, trapping the aggressive bears who may have gone short on a break below $25,250. That may have caused a short squeeze in the near term, which propelled the price to the 20-day exponential moving average .The bears are trying to limit the relief rally at the 20-day EMA but a positive sign is that the bulls have not given up much ground. This suggests that the buyers are holding on to their positions in anticipation of a move higher.
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