Bitcoin Dominance: Is it time to attack new all-time highs?


  • The Bitcoin dominance chart has crashed, as the Altcoin segment is surging.
  • The current scenario gives a great opportunity for Bitcoin to join the bullish party.
  • Battle for market share continues with Ethereum leading an explosively bullish Altcoin segment.

The Crypto market is back with its aspirations to reach the moon, but it seems that Bitcoin has lagged in recent days.

In the Bitcoin Dominance chart, we can see the reasons for this unexpected movement.

The arrival to the historical highs zone matches the ceiling of the downward channel on the Bitcoin Dominance chart. That is the weight of Bitcoin in relation to the crypto market as a whole.

In the last four days, the Altcoin segment – led by Ethereum – has boomed and severely punished Bitcoin's dominance.

At the time of writing, the price has reached the 200-day simple moving average, where it has found support, and is also supported by the current upward movement's main trend line. This technical event could be the key to the future of the market in the forthcoming sessions. With a high degree of certainty, we can expect that Bitcoin will return to the uptrend, attack the historical highs and lead the expected bull run to the moon and beyond.

The levels to watch out for are: above the current mark, the first resistance level is at 62.5, then the second at 64.3, and the third one at 66. Below the current level, the first support mark is at 60.61, then the second at 59.14 and the third one at 57.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

The SEC filing is an overreaching legal theory, says Ripple while pushing against the lawsuit

Ripple calls out the SEC for picking winners and losers in the XRP battles for regulatory clarity. Larsen and Garlinghouse attorney's express intention to file a motion dismissal. XRP's on-chain metrics remain bullish despite a weak technical picture.

More Ripple News

LINK dances at the edge of a high cliff as breakdown under $20 looms

Chainlink is dealing with increased selling pressure, just like the majority of cryptocurrencies in the market. Overhead pressure began to surge following the most recent rejection at $31.5. 

More Chainlink News

Uniswap Price Forecast: UNI eyes freefall to $25 before recovery to record highs

Uniswap breakdown seems unstoppable at the ascending parallel channel's lower boundary support. The bearish leg is likely to extend to $25 amid the hunt for formidable support.

More Uniswap News

LTC’s 70% upswing depends on this key demand barrier

Litecoin price recently bounced off the $153 level, creating the third lower low for an ascending parallel channel. Due to the recent selling pressure, LTC’s upswing has taken a hit resulting in a small pullback.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP