3 reasons why Bitcoin is on shaky ground after Neglecting to retake $60K

Altcoins are outsmarting Bitcoin bulls and on-chain indexes are not as green as they’ve been — are additional support tests inbound?
Bitcoin (BTC) is back analyzing lower rates after failing to defeat 60,000 immunity — and indicators suggest the downturn is not over.BTC/USD prices off $55,000 immediately on Monday, hours after hitting nearby highs of almost $59,000 in bullish early trading.With sellers still in place nearer to all-time highs of $64,500, the greatest cryptocurrency has a lot of work to perform to depart its current broad trading range. BTC moves back into exchangesOne metric which will shortly be causing difficulties for bulls is that the overall BTC equilibrium on cryptocurrency exchanges.While seeing an overall steep downtrend during the past year, local spikes in supply — if traders send coins back into their exchange accounts for potential fast sale — tends to signify a selling-driven mentality entering.This is not true for each and each exchange this week. In accordance with data from monitoring resource Bybt, 16,222 BTC has entered global leader Binance from the past seven days. By contrast, cross-platform Coinbase Pro has actually lost 11,947 BTC, conforming to the general trend.Yet Binance is not alone — Okex, Huobi, Bitfinex and Kraken have seen their BTC balances sign up at the last 24 hours.The greed is risingAs Cointelegraph reported, some more familiar face from sentiment changes past will be again this week — greed.Tracked from the Crypto Stress & Greed Index, which measures trader sentiment by means of a basket of optional factors, appetite for a sell-off is rising, even as price action is no more positive.On Tuesday, the Index gave an general crypto marketplace rating of 68/100, equivalent to”greed” function as the general mood catalyst. Resource: Alternative.meThis remains under its own mid-90s summit seen before in the year — a flat which virtually guarantees a sell-off — but volatility guarantees that the Index does not stay in the same zone for long. “Greed” may turn into”intense greed” or even”intense fear” within days or perhaps faster.On April 27, for example, the Index measured just 27/100. Dogecoin adds to altcoins’ Bitcoin pressureLast but not least is perhaps the most conspicuous factor at play in regards to problems for Bitcoin this week: altcoins.At very initially , it had been Ether (ETH), which directed the bunch and outshined Bitcoin with its excursion above $3,000 to all-time drops on Monday.Now, nevertheless, Dogecoin (DOGE) is exiting the rest in its dust, back above $0.47 after getting integrated on popular gambling platform eToro.DOGE/USD was up 72 percent in a week as compared with Bitcoin’s 3% at the time of writing.BTC/USD vs. DOGE/USD line chart. Resource: TradingviewWhile altcoin surges come in spells, the mood among analysts is one of a longer-term trend taking center stage before Bitcoin could claw back lost moment — and market dominance.As Cointelegraph reported, one indicator suggests that the combined altcoin market cap could burst by more than 27,000percent by the start of 2022. “The following 2-3 weeks will be epic because of alt coins,” the favorite Twitter trader called Johnny outlined for followers, also forecasting a near-term price target of $5,000 for Ethereum.Bitcoin’s market share is now 46.3 percent, falling lower thanks to altcoin inflows.

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