Bitcoin's dominance in the cryptocurrency market is on the rise as it regains critical support levels, leaving altcoins struggling to maintain momentum. Trading at $98,466, Bitcoin shows a 4.30% recovery in the last 24 hours, driven by renewed investor interest and higher trading volumes.
This upward movement reflects a strong buy-in sentiment, as the cryptocurrency eyes the $100,000 mark.
Bitcoin's Technical Outlook: Resistance at $99,500
Bitcoin faces a key resistance level at $99,500, a point where a downward trendline intersects with recent price activity. The formation of a tweezers top pattern on the 2-hour chart further adds to selling pressure at this level.
A breakout above $99,500 could signal the beginning of a bullish continuation, targeting the next critical resistance levels at $102,650 and potentially $105,400.
On the downside, Bitcoin finds support at $95,675, with further safety nets at $92,230 and $89,850. The 50-day Exponential Moving Average (EMA) at $97,800 provides nearby technical support, while the Relative Strength Index (RSI) at 50 indicates neutral market conditions.
This balance suggests the market is at a tipping point, with a breakout or rejection at $99,460 likely to determine its next direction.
Bitcoin Dominance Surges: End of Altcoin Season?
The attached chart underscores Bitcoin’s rising dominance, as altcoins lose ground amidst waning investor confidence. Altcoin season, represented by declining Bitcoin dominance earlier this year, seems to have ended as BTC regains market traction.
The blue curve representing Bitcoin dominance has steadily climbed, aligning with a price recovery, while the red altcoin dominance line falters.
A tweet by @Negentropic_ encapsulates the sentiment:
“Is This the End of Altcoin Season? Bitcoin dominance surges, leaving altcoins lagging. A BTC breakout could change the game.”
Is This the End of Altcoin Season?
—
Bitcoin dominance is surging after dipping below $100K, while altcoins are losing critical supports. Dominance has risen and resumed its upward trend, signaling a stronger BTC environment.
If BTC stabilizes above $100K, we might see a… pic.twitter.com/hnU3uHS9um
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
