- Rising Bitcoin dominance reassures investors of a potential bull run towards the end of 2018.
- The buyers must keep the above $6,450 in the short-term to avoid further breakdown towards $6,400.
Bitcoin price market dominance rate continues to rise in spite of the bear pressure in the market. The bears have a tight grip on the market since August started and the current price range is not pleasing most of the investors. Experts like Fundstrat’s Thomas Lee have predicted a bull rally towards the end of the year which will see BTC/USD trade above $20,000. However, the crumbling prices are making this predictions fade bit by bit.
Let us put that aside for now. Bitcoin price dominance in the cryptocurrency market has hit 51.2% according to CoinMarketCap. This is the highs Bitcoin has reached in 2018, which also means that over 50% of the total crypto market capitalization is in BTC. Similarly, the rise in dominance was witnessed towards the end of last year leading to the biggest boom in the market. While the dynamics have changed since December 2017, the rise shows that there is indeed hope for the king of digital assets to retrace towards $20,000 after all.
Bitcoin price analysis
Bitcoin price brushed shoulders with $6,500 after the analysis I published 3 hours ago. However, on failure to break above the resistance at the level, the trend turned bearish. BTC/USD broke below the short-term support that had been formed at $6,475. The price is currently testing the next support zone at $6,440. Besides, the trend has turned bearish as the stochastic dips into the oversold levels.
There is another weak support at $6,425, but significant support will be found at $6,400. The buyers must keep the above $6,440 support in the short-term to avoid further breakdown towards $6,400. On the upside, eyes are locked at $6,500 and a break above this level is likely to open a door for more upside movement towards $6,600 significant resistance.
BTC/USD 15-minutes chart
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.
Latest Crypto News & Analysis
Editors’ Picks
Cardano Price Forecast: ADA targets 900% bull rally, but it must clear $0.33 first
Cardano had a significant rally towards $0.355 at the beginning of 2021. After a notable dip to $0.228, bulls bought it and managed to push Cardano price to $0.33 again before a small rejection.
Ethereum price aims to flush out doubters before the ultimate breakout to $2,000
Ethereum bulls bought the dip on January 11, pushing the digital asset from a low of $915 towards $1,256. The smart-contracts giant has been outperforming Bitcoin in the past 24 hours despite the negativity seen on social media.
XLM Price Prediction: Stellar consolidates ahead of a 30% move
XLM price trades at $0.291 at the time of writing after a healthy consolidation after hitting a 2021-top at $0.411. There is a high chance that XLM is about to see a massive breakout or breakdown within the next 24 hours.
Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high
Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. The panic sell-off was stopped on its tracks at the 26-EMA on the daily chart as bulls quickly bought the dip and created a V-Shape recovery pushing BTC towards $40,100 again.
Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high
Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours.