When will the $BTC bull run begin?
Bitcoin needs to stay above $64,000 for several days to confirm a trend reversal. Recent attempts to break above 64,000 have been unsuccessful, reflecting that Bitcoin is still in the recovery phase of the downtrend.
Key Support and Resistance: Bitcoin price is currently near the bull market support line, although it has not broken above the 200-day moving average, but holding the support line is still a positive signal. Next, a possible close above 64,000 will become a key factor.
Bitcoin Market Share Impact: Bitcoin market share has recently dropped from 58.61% to 57.6%, but is still at a lower high. If the market share falls below 56.92%, altcoins may have a chance to recover; but currently, the market share is still in an upward trend for the past two years, Bitcoin is still the dominant force.
Ethereum and altcoin performance: Ethereum has recently performed strongly, up about 15% in the past few days, and has shown signs of increasing in price compared to Bitcoin. In contrast, other altcoins such as ADA, MATIC, DOT are still at low levels. Ethereum's positive trend has positive implications for the recovery of altcoins.
Future attention: Focus on whether Bitcoin can break through and hold above 64,000, as well as the change in market share. If Bitcoin successfully breaks through key levels, market sentiment may quickly turn bullish. At the same time, whether altcoins can have a rally will depend on the trend of Bitcoin and the change in market share.
