The volume level of $101,903, as expected, acts as resistance for BTC. The price tested it twice last night, but each time it met with seller reactions.
In summary - we have a scenario of returning to a range between $98,433 and $101,903. Not the worst considering that just days ago the price tested the volume level of $94,199.
Overall, to maintain the long scenario and aim for a new ATH, the price currently just needs to avoid closing below the body of a four-hour candle under the 50 EMA on the four-hour timeframe, which is currently around $98,577. Additionally, according to our P73 Trend & Target Dynamics indicator, it is worth monitoring the 30-minute timeframe.
As long as the price is in a stable uptrend there, shorting (for those who are big fans of shorting a bull market) is a very bad idea.
Another positive for bulls - in the last 12 hours, altcoins have come alive in the market, and holders of altcoin portfolios have surely noticed this. Many (though not all) altcoins have returned to levels before the dump on December 9.
BTC dominance, as we predicted yesterday, has already returned to a stable downtrend on the two-hour timeframe, with plenty of additional targets for this decline, down to 52.15%.
And this is just the near-term outlook. Dominance is in a stable downtrend on the weekly timeframe, and we noted - the altseason has started. However, many players, especially margin traders, were forcibly removed from the market on December 9.
Let's add that locally, on the four-hour timeframe, the dominance is still in a stable uptrend and there is a signal for a potential low.
If the signal is not broken, we can expect that today or tomorrow Bitcoin will draw liquidity from altcoins or, at the very least, absorb it faster than altcoins.