Good evening to all my friends. I hope you all are doing well. I am having a fantastic day, just came home after attending a family function. Let's talk about crypto market. Bitcoin made new all time high and now trading above 76k. Friends, investors are closely watching Bitcoin dominance to see when it will decline and when altcoins will start pumping. Currently, Bitcoin dominance is at 59.1%, with a recent high of around 60.57%. Historically, after such peaks, Bitcoin dominance tends to fall. In past cycles, when Bitcoin breaks its market resistance, we see Bitcoin dominance decline, which could signal a shift towards altcoins. In June 2023, we saw a similar pattern when Bitcoin dominance broke its support trend line and started falling.
Right now, Bitcoin dominance is holding above its 21 EMA support, but if it breaks this level, we could see a larger downtrend. Similarly, altcoins have been underperforming, but if Bitcoin dominance drops, altcoins could see an influx of investment. Bitcoin is in a price discovery phase, and if Bitcoin dominance loses support, we could enter a new phase where altcoins perform better. Keep an eye on the RSI for confirmation. If it breaks its support line, it will signal a shift towards altcoins. That's it for today. Here's the latest update video of crypto market. Thanks & have a good day!!
@abfarhan