The altcoin market took a backseat on Thursday as crypto majors bitcoin and ether attempted to rally to new highs.

As billions of dollars worth of liquidity flowed into shorting bitcoin on the brink of record highs, altcoins like ATOM consolidated, finding support at the $4.20 level.

Typically when bitcoin rallies altcoin price action is muted and the inverse is true when bitcoin consolidates, so ATOM could be primed for a rally once bitcoin begins to cool off.

Technical analysis

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