$BTC fell below the $86,000 level after it had neared a peak close to $87,300—the same level it recorded on Monday before facing renewed selling pressure.
Despite this pullback, investors began shifting their funds toward alternative digital currencies, most notably $BCH and $ZEC, indicating a shift in risk appetite within the market.
$BCH surged by 28%, driven by the listing of its futures contracts on the Chicago Mercantile Exchange (CME). This event gives the coin additional institutional legitimacy.
In turn, it added $ZEC of around 9%, benefiting from a wave of rotation towards alternative privacy-focused currencies.
This pullback in Bitcoin comes after it failed to break through the $87,300 area for the second time this week, raising questions about the strength of the upward momentum.
No official confirmations have been issued so far about the continuation of this trend, but price action suggests that liquidity is temporarily looking for opportunities outside of Bitcoin.
Press $BTC to trade
Inviting you to join my group Quantitative readings and liquidity flows
https://app.binance.com/uni-qr/ikjpw7wR