BTC DOM $BTC

Bitcoin dominance recently broke below the uptrend first time in 2 years. Price has been in uptrend since November 2022. 
A breakout of an uptrend signals towards a shift in the market sentiment. 
After the breakdown, dominance quickly rebounded to retest the previous trendline support, which could now act as resistance.
What now?


◦ If BTC.D fails to reclaim the trendline and rejects lower, it confirms the breakdown and could lead to further downside.

If BTC.D reclaims the trendline, the move may be a false breakdown, suggesting strength and continuation of Bitcoin's dominance.


The more likely scenario is the first one because, if you look at the volume, BTC buyers are getting exhausted. While the price is increasing, there is a divergence with the volume. And according to the current market situation, the first case is more probable.



61.53% (Recent High): BTC dominance peaked here before the breakdown.

57.42% (Current Value): This level is significant as it coincides with the trendline retest.

56%: Next support level.