By Chris Hollingworth 
Bitcoin has been facing resistance near the intra-day range highs, hindering further rallies in the cryptocurrency. The recent surge in selling pressure has prevented Bitcoin and alternative coins (altcoins) from making significant gains. Market sentiment is also being influenced by speculations around a potential interest rate hike by the Bank of Japan.
Despite the ongoing bullish trend in the cryptocurrency market, the selling pressure near the intra-day highs has limited the upward momentum for Bitcoin. This resistance level has prompted investors to remain cautious, leading to a consolidation phase for Bitcoin and altcoins.
The anticipation of a potential interest rate hike by the Bank of Japan has added to the market uncertainty. Speculations about the central bank’s monetary policy decision have fueled concerns about a possible downturn in Bitcoin and altcoins. Traders are closely monitoring any developments regarding the interest rate hike, as it could have a significant impact on the cryptocurrency market.
In conclusion, the resistance near the intra-day range highs and the speculation surrounding the Bank of Japan’s interest rate hike are key factors affecting the current trend in Bitcoin and altcoins. Investors are advised to stay informed about market developments and exercise caution in their trading decisions.
