Good evening to all my friends. I hope you all are doing well and enjoying your weekend as well. I am having a fantastic day. Tomorrow my friend is getting married, so i have to wake up early tomorrow morning. Btw let's talk about crypto market. In the last 48 hours, Bitcoin recovered from $65,000 to $68,000, but this recovery hasn't impacted altcoins, which are trading at the same levels as when Bitcoin was at $65,000. Many wonder why altcoins aren't moving up with Bitcoin. Currently, Bitcoin dominance has risen above 59%. We've discussed various parameters on our channel, and until Bitcoin breaks its previous resistance levels, dominance is likely to remain high. Historically, altcoins bleed when Bitcoin is below its previous cycle highs, and only after Bitcoin breaks these highs do altcoins start to gain significantly.
Looking at the UTXO (Unspent Transaction Output) metric, we see long-term holders haven't moved their Bitcoin, indicating they are not selling at the current prices. In previous cycles, when Bitcoin’s price started to rise significantly, we saw increases in UTXO as holders began to move their coins to book profits. Bitcoin's production cost is currently above its trading price, suggesting miners are under pressure. Until Bitcoin breaks above its previous all-time high of around $64,000 and sustains that level, Bitcoin dominance is expected to stay high, but we may see a shift toward altcoins afterward. Overall, while Bitcoin's recovery is promising, we need to see it break key resistance levels for altcoins to react positively. In the coming months, we could witness significant price action as we approach the next halving event, and historical patterns suggest we might see Bitcoin's price peak within the next few months. That's it for today. Here's the latest update video of crypto market. Thanks & have a good day!!
@abfarhan