Bitcoin price analysis: BTC/USD succumbs to bearish pressure, even though Bitcoin dominance is growing

Bitcoin stays at $6,450 as the upside momentum has faded away on approach to the next important resistance at $6,700 The digital coin No. 1 is mostly unchanged since the beginning of the day and down 2.8% on daily basis. 

There are about 1,500 coins issued to the market, however, Bitcoin dominance is growing again, It has reached 42% from 35% in May amid the third major correction in the history of cryptocurrencies.   Some experts believe that this momentum is caused by the fact that a lot of dead tokens, issued during failed ICOs, has left the market, while investors tend to stick to large assets, such as Bitcoin, and Ethereum, during major bear cycles.

Bitcoin technical picture

From the longer-term perspective, Bitcoin dipped below $6,483, which is critical Fibo retracement level and previous 2018 low. It's a negative signal, though the next support is seen at $6,340 strengthened by 100-SMA (4-hour chart); that's where new buyers are likely to appear. Once it is cleared, the sell-off may be extended to the next critical support is seen at $6,000.  The upside is capped by 200-DMA, currently at $6,764. Once it is broken, the recovery may be extended towards $7,000 handle. 

BTC/USD, the 4-hour chart