Bitcoin dominance drop and resistance at $55K stoke altseason hopes

Bitcoin dominance drop and resistance at $55K stoke altseason hopes


The overall cryptocurrency market saw a second day of gains on April 27 after the weekend sell-off proved to be a good buying opportunity for retail and institutional investors.

Lower gas fees following the Ethereum network’s Berlin upgrade along with an increase in institutional buying and decentralized finance activity lifted the price of Ether to a new all-time high at $2,680.

Data from Cointelegraph Markets and TradingView shows that Bitcoin (BTC) climbed above $54,000 in the early trading hours on Tuesday and bulls are now aiming to break through the $55,000 resistance level for a possible rall to $58,000.

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BTC/USDT 4-hour chart. Source: TradingView

With Ether and altcoins showing signs of strength while BTC remains range-bound, there is increasing chatter on crypto Twitter as traders speculate on whether an altcoin season is on the verge of starting.

This recovery looks similar to previous market bottoms

As highlighted in a recent report from Ben Lilly, co-founder and analyst at Jarvis Labs, the strong 11.5% rally

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