The recent Bitcoin price correction was over before it really began. A five-day slide culminating in a short-lived 30% dip below $10000 saw a huge bounce back by over 20% as BTC surged back above $11000. It’s market dominance is now heading towards highs not seen since 2017.
Bitcoin Dominance Hits 65%
Bitcoin price has continued to push higher since it topped $11000, 24 hours ago. There was clearly huge buying pressure at four figures and some have suggested that BTC may never fall that low again. The gradual crank higher has taken Bitcoin price to $12000 again during the morning’s Asian trading session. It is now exactly 25% higher than the dip on Tuesday.
BTC price 1-hour candles. Tradingview.com
A few hours ago one big green candle lifted Bitcoin price back above the 200 moving average on the hourly chart. It has pulled back a little and is currently trading at 00. Zooming out to the daily chart still paints a very bullish picture for BTC.
Once again the move has increased Bitcoin market dominance to highs not seen since late 2017. According to trader Josh Rager, it is facing resistance here and altcoins could soon start to react.
“$BTC dominance climbing at 65%. Bitcoin’s dominance hasn’t been above 70% since July 2017 & see this as a definite area w/ possible resistance. Majority of altcoins can continue to retest support until BTC dominance drops (which could happen near these levels) so pay attention.”
$BTC dominance climbing at 65%
Bitcoin’s dominance hasn’t been above 70% since July 2017 & see this as a definite area w/ possible resistance
Majority of altcoins can continue to retest support until BTC dominance drops (which could happen near these levels) so pay attention pic.twitter.com/vE0IzdAnU2
— Josh Rager
(@Josh_Rager) July 3, 2019
The discussion that followed had many thinking that BTC dominance could climb as high as 70% again where it was during the start of the 2017 bull run. This would absolutely obliterate the altcoins, many of which are still wallowing over 80% down from their peaks.
Fellow trader ‘CryptoFibonacci’ has noticed a triple top for bitcoin dominance which could spell a breakout to the upside.
“I’m not a big believer in “triple tops”. It will have to prove me wrong. Be careful if you are in Alts.”
$BTC Market Cap Domination chart.
I’m not a big believer in “triple tops”. It will have to prove me wrong. Be careful if you are in Alts.#altcoins #BTC pic.twitter.com/xLuQxg3pzx
— CryptoFibonacci (@CryptoFib) July 4, 2019
Very few of the altcoins have done anything since Bitcoin’s bounce back. Ethereum is still below $300, XRP has not moved at all from $0.40 and Litecoin is stuck at $120 as the halving FOMO dries up.
Bitcoin is currently the top performing crypto asset in the top twenty with a gain of over 5% on the day. It doesn’t look like slowing down either as fears of Trump induced dollar manipulation to start to fester. The US president tweeted that America should match currency manipulation practices being carried out in China and Europe. Fiat fiddling is all good news for Bitcoin.
Will Bitcoin price hit $13000 this week? Will BTC market dominance hit 70% again? Add your thoughts below.
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