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 $12000 again during the morning’s Asian trading session. It is now exactly 25% higher than the dip on Tuesday.
A few hours ago one big green candle lifted Bitcoin price back above the 200 moving average on the hourly chart. It has pulled back a little and is currently trading at 00. Zooming out to the daily chart still paints a very bullish picture for BTC.
Once again the move has increased Bitcoin market dominance to highs not seen since late 2017. According to trader Josh Rager, it is facing resistance here and altcoins could soon start to react.
“$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,