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.

Tomas Salles FXStreet

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.

Author

Tomas Salles

FXStreet

Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland. He expanded his technical training following the guidance of great experts on the financial markets.

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