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Despite the constant correction of its highest level ever, the Bitcoin dominance over the rest of the market has continued to settle in recent days. It is worth noting that Bitcoin’s dominance in the encryption market has increased steadily in recent days, as it recently exceeded a large threshold of 64 % and practice Click on altcoins In all fields.
Despite the bitcoin She recently lost herself The support level of $ 105,000 during the past 24 hours, Altcoin market has witnessed declines over the past week. However, this period of defects between bitcoin and cookies It may not last longer, Especially since technical analysis indicates that hegemony of 64 % may be a turning point.
Bitcoin dominance of resistance taps: exhaustion before?
Evidence of astronomer astronomer Participate in an analysis on X, Highlighting the 64 % region as a decisive turning point for BTC.D. The graph, which determines a possible path to bitcoin dominance, explains that the scale has now entered a massive resistance mass between 64.00 % and 64.40 %. This is important because this is the level of rejecting the attempts of the previous upward trend over the past month.
Even with the presence of bitcoin Only the encoded currency for a new printing At all times in recent times, Bitcoin dominated it is difficult to break 64 % in May, indicating that the trend may become exhausted. It is worth noting that after a liar slightly higher than 63.5 % on May 28, Bitcoin’s dominance printed the highest level. The current price behavior reflects these previous moves, and lacks the upholstery necessary for a higher fracture.
If the expected path is operated in the scheme below, dominance may range a little before the start of the extension that takes it to the area of ​​63 % less and beyond. The path indicates that the decline may descend in early June and finally opened the door to Altcoins to flourish.
Altcoin momentum soon with dull bitcoin dominance?
Outlook indicates that the Bitcoin dominance is approaching fatigue. Despite the recent losses in many altcoins, the projection structure indicates an imminent transformation and a potential decrease in bitcoin dominance to 63.45 %.
Hence, the next step depends on how Bitcoin interacts at this level. When it begins to relax, this decrease in bitcoin dominates the main price of Altcoins, especially in Altcoins is large in the market like ethereumSolana, and Dogecoin. As such, this moment of exit can be at the end of the most early stages of the broader Altcoin season.
At the time of writing this report, data from CoinMarketCap shows that Bitcoin is currently 63.5 %, slightly higher than the decisive 63.45 % point. Bitcoin’s collapse at this stage may lead to a series of Altcoin season. On the other hand, Ethereum has witnessed an increase in its hegemony by 2.01 % in the past 24 hours to 9.4 % at the time of writing this report. However, the idea of ​​the near Altcoin season may collapse if bitcoin dominates The monthly closure above 64 %.
Distinctive image from Getty Images, Chart from TradingView.com
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