Altcoins may need a Bitcoin breakout to escape the sell-off

Altcoins fell 5.69% over the past week as crypto money shifted toward Bitcoin amid waning spot Bitcoin ETF demand, market maker Wintermute and Phemex’s market overview reported. Bitcoin traded at $81,726, down more than 2% in 24 hours, and Ether at $2,401, down almost 3%, while total crypto market value fell 2% to $2.84 trillion. Wintermute identified $82,500 as a key short-term level, with a break above $87,000 opening further gains or a drop below risking a test of $70,000. It said $679 million of net outflows from spot Bitcoin ETFs pushed Bitcoin to $80,400 before buyers defended it.