Bitcoin dominance tops 57.68%, showing resilience as altcoins struggle to compete. Investors eye a potential 71.04% resistance test.
Since 2022, Bitcoin's dominance has surged with a stable trendline, now reaching 60.12%. Confidence in Bitcoin remains strong.
Rising Bitcoin dominance signals a bullish trend, breaking past key levels and hinting at new highs as altcoins lose ground.
Altcoins struggled to compete as Bitcoin’s market dominance surged since 2022, breaking key resistance levels and recovering a stronger position. Following a steady rise, Bitcoin dominance recently surpassed the critical 57.68% threshold—a historic monthly close not seen since early 2019.
This pattern indicates a positive future for Bitcoin's market share, which is presently hovering at 60.12%. Additionally, an upward trendline that has offered stability for the previous two years supports this momentum. Investors are keeping an eye on whether this dominance will revisit previous highs and pose a threat to the next resistance level, which is 71.04%.
https://twitter.com/rektcapital/status/1852408896700240217 Bitcoin's Steady Rise Above Key Support Levels
After emerging from a falling wedge pattern and breaching the crucial resistance zone between 50% and 55%, Bitcoin's dominance has been on the rise since 2022. Bitcoin saw a similar increasing trend in 2018 with a volume of 13.17 trillion over 304 days.
Comparably, the recent upward trend in 2023 spanned 274 days, reaching a volume of 48.467 trillion. This steady climb above support levels signals strong market confidence, particularly as Bitcoin dominance reached a high point at 60.12%. Additionally, Bitcoin’s rising dominance emphasizes its resilience, even as altcoins try to capture investor interest.
Key Resistance and Support Levels Ahead
With Bitcoin's dominance currently above 57.68%, the next critical support is set at 53.87%, while major resistance lies at 71.04%. These levels are pivotal for understanding Bitcoin's potential to maintain its upward trend.
Historically, when Bitcoin last achieved a monthly close above 57.68%, it briefly retested this level before rallying to new highs. This pattern suggests that Bitcoin dominance could retest previous levels before moving towards the 71.04% resistance.
Additionally, the rising trendline that has supported Bitcoin's supremacy over the previous two years indicates that investors are becoming more confident in Bitcoin relative to other cryptocurrencies.
The post Bitcoin Dominance Hits New Heights, Will It Challenge Historic Resistance Levels? appeared first on Crypto News Land.
