Bitcoin price eyes $63K next as rising BTC dominance puts altcoins at risk
The price of Bitcoin keeps climbing higher but one key support level must hold for the rally to continue. The current Bitcoin (BTC) price bull run seems almost unstoppable right now as BTC has just notched another new high on Feb. 17.The psychological barrier of $50,000 finally broke yesterday after multiple tests of this level in the previous week. In addition, banks are revealing their interest in BTC and more public companies are starting to hop on the Bitcoin bandwagon as the first German company revealed its position today. This rally could now extend to $63,000. Meanwhile, altcoins....
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BTC.D rises in price as altcoins suffer a bloody day in crypto. BTC.D attempts to break out above 8, and 20-day Exponential Moving Averages as altcoins struggle to hold their key support. The price of BTC.D eyes a rally to 48% as this could mean more pain for altcoins. Many altcoins have experienced a relief bounce across the market as Bitcoin Dominance (BTC.D) remains below the 40% marked area allowing altcoins to rally when the market recovers. With Bitcoin Dominance (BTC.D) rising from the ashes, we could see the price of altcoins suffering more pain than expected if the price....
BTC dominance has always had an inverse effect on the price movements for altcoins. Historically, BTC dominance determines the direction the value of altcoins swings in. Bitcoin has so far maintained majority dominance on the market. But as more time passes, that dominance goes down as altcoins see more demand. BTC dominance simply shows how much demand there is for bitcoin compared to altcoins. The more BTC dominance rises, the lower the demand for altcoins. This means that for altcoins to rally up further, bitcoin demand has to go down. Related Reading | Ethereum Breaks 200,000....
The Bitcoin dominance in the cryptocurrency market is inching dangerously close to a long-term resistance level that has triggered major reversals in the past. This resistance level is highlighted on the weekly BTC.D candlestick timeframe chart. Each time the dominance taps this descending trendline, it struggles to break through and eventually tumbles. Notably, Bitcoin’s dominance is now back around this resistance, and a technical outlook posted on the TradingView platform points to a crash to 40% within the next months. Bitcoin Dominance Could Crash To 40%: Good For The Altcoin....
Since bitcoin’s significant price rise, altcoins have been brushed off to the side as bitcoin’s dominance climbed to 87.4 percent. Altcoin interest has waned as each alternative digital asset has lost market capitalization over the past two months. There are various reasons. All Eyes Focused on Bitcoin. Let’s face it: all eyes are on bitcoin’s price....
On November 17, the price of bitcoin touched another 2020 all-time high (ATH) when the crypto asset surpassed the $17k price zone on Tuesday. Bitcoin dominance has risen higher during the last few months and currently hovers at 65% this week. Despite the massive rise in bitcoin value during the last few months, altcoins are not performing as well as they did when bitcoin was at this price range three years ago. Back in 2017, bitcoin (BTC) touched an all-time high (ATH) on December 17, when it reached $19,600 per coin that year. Bitcoin’s dominance index was slightly different in 2017....