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(May 11) Blockchain stocks fell in premarket trading as Bitcoin price was down.

The world’s largest cryptocurrency continues to trade much lower than April’s high of $65,000, which came in anticipation of Coinbase’s direct listing on Nasdaq.

While Bitcoin has remained relitavely stable, the altcoin market has flourished with the likes of Ethereum more than doubling in 16 days.

Typically, when Bitcoin trades in a sideways range while altcoins surge, profits will eventually be rotated back into Bitcoin causing pressure to the upside.

At the time of writing it is trading at $5,5406.9, 5.10% down from its overnight high of $59,700 following a flurry of leveraged short orders near $60,000 on derivatives exchanges.

If the $56,400 level of support breaks in the coming days we could well see downside price targets begin to emerge at $55,800 and $53,800, although it’s worth noting that the bullish structure of altcoins will definitely play in Bitcoin’s favour when it dips.