Bitcoin was immediately rejected at $31,000 and fell below $30,000

Bitcoin has seen a massive surge in price, breaking all the major resistances before getting to $30,000, However the case was different as the price of BTC failed to break $31,000. Immediately after hitting $31k there was a sharp rejection and the price dropped back immediately.

Looking at the above chart of BTC/USDT pair. Using a one minute time frame, you can see the price of Bitcoin touching $31,000 and dropped back immediate, and couldn't hit $31,000 again. The price further dropped below $30k hitting $29,899. Although it bounced back and currently trading at $30,257 at the time of writing this post.

I personally anticipated the retracement since it will decrease the cash flow into BTC, which will weaken Bitcoin's dominance of the market and give altcoins more energy to surge and rally.

A great altcoin rally will result from the decline in BTC's market dominance, providing those who are well-positioned with a profit or gain. Personally, I think $Hive will reach $0.5 and if the altcoins rally continues it might eventually break it major resistance of $0.62.

I'll keep a close eyes on the price of Hive, I'll personally be bagging between $0.39 - $0.405... I'll start DCA immediately it dips to that level.

This is not a financial advise, it's just my personal view of the market. (DYOR)