The Bitcoin dominance index (BTC.D) is demonstrating signs of strength and appears to be targeting the range resistance level at 48.4%.

Long term range

BTC.D has been confined within a trading range of 39% to 48.4% since May 2021, and the price has validated both the support and resistance levels of this range on several occasions.

Following a bounce back from the 39% region on September 9, 2022, BTC.D established a bullish structure and broke above the midpoint of the range. This indicates that it will likely continue to move towards the range resistance level at 48.4%. The weekly RSI supports this possibility, as it approaches the overbought zone and slopes upward.

BTC.D weekly chart. Source: TradingView

Breakout above strong resistance

Additionally, technical analysis from the daily chart reveals a similar bullish signal. Rates have been trading within an ascending parallel channel since September 9, which is a corrective pattern that typically leads to breakdowns. However, the price broke out above the channel and confirmed it as support afterwards, indicating an impulsive upward movement.

The price then surged and broke through the critical resistance area at 43.6%-44.7%, formed by horizontal resistance and the 0.5-0.618 Fib retracement resistance area. This move signals a 100% retracement, suggesting that the price will continue to rise up to 48.4%.

BTC.D daily chart. Source: TradingView

Overall, it is highly likely that BTC.D will continue its upward movement and rally to 48.4%. As BTC.D represents Bitcoin dominance over the cryptocurrency market, this could impact the performance of altcoins, which are likely to continue to underperform against Bitcoin.

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This article was republished from azcoinnews.com

Navigating the Storm: Insights and Strategies for Weathering the Crypto Market Meltdown and Regulatory Crackdown

In a sudden turn of events, the cryptocurrency market faced a tumultuous decline today, causing significant losses across various digital assets. Prominent coins like EOS, Solana, Dash, Matic, Cardano, and Filecoin saw their values plummet by 24% to 28% within a 24-hour period. Even the market's top cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), experienced drops of 3.75% and 5.17% respectively.

This sharp downturn can be attributed to a convergence of negative developments within the crypto industry. One of the primary factors contributing to the decline was the recent legal actions taken by the United States Securities and Exchange Commission (SEC) against major players in the market.

The SEC's charges of fraud against Binance, one of the world's largest cryptocurrency exchanges, and its CEO Changpeng Zhao (CZ), sent shockwaves throughout the market. CZ was summoned by a US district court, intensifying the uncertainties surrounding Binance, a prominent platform for traders worldwide.

The situation was further exacerbated by the SEC's lawsuit against Coinbase, another leading exchange, as well as the designation of 67 altcoins, including Solana (SOL), Cardano (ADA), and Matic (MATIC), as securities. The regulatory scrutiny cast a shadow over these affected cryptocurrencies, sparking uncertainty among investors.

To add to the negative sentiment, popular trading platform Robinhood announced its decision to discontinue support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) starting from June 27th. Users were given until the deadline to trade or transfer these tokens, after which any remaining balances would be automatically sold at market value.

In yet another blow to the industry, Crypto.com revealed its plans to wind down its institutional business in the United States due to a lack of interest. This move highlighted the challenges faced by crypto companies in navigating the evolving regulatory landscape and attracting institutional investors.

Despite the current market turbulence, seasoned crypto enthusiasts perceive this downturn as a potential opportunity for long-term investment. Dollar-cost averaging (DCA) into tokens at these lowered prices is being recommended as a prudent strategy for those with a patient outlook.

However, short-term traders are advised to consider converting their holdings into more stable assets such as Bitcoin (BTC), USDT (Tether), or fiat currencies. It is anticipated that legal battles and regulatory uncertainties will persist, potentially leading to further declines ranging from 50% to 90% in the near term.

While it may be disheartening to witness the current state of the market, experienced individuals who have been involved in cryptocurrencies since the industry's early days understand that this is not the end. As the market adjusts to the evolving regulatory landscape, the long-term prospects of cryptocurrencies remain promising.

It's crucial to stay informed and prepared during these challenging times. Keeping a close eye on regulatory developments, seeking expert insights, and employing strategies that align with your investment goals will help navigate the stormy seas of the crypto market. Remember, with proper understanding and patience, opportunities can emerge even amidst market turbulence.

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