The Bitcoin dominance in the cryptocurrency market is inching dangerously close to a long-term resistance level that has triggered major reversals in the past. This resistance level is highlighted on the weekly BTC.D candlestick timeframe chart.
Each time the dominance taps this descending trendline, it struggles to break through and eventually tumbles. Notably, Bitcoin’s dominance is now back around this resistance, and a technical outlook posted on the TradingView platform points to a crash to 40% within the next months.
Bitcoin Dominance Could Crash To 40%: Good For The Altcoin Market
The dynamics behind Bitcoin’s dominance have been different this cycle compared to previous ones. This is because the dominance has grown massively since the beginning of this cycle, leaving little room for an altcoin
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