- Bitcoin’s dominance over other cryptocurrencies has risen above a critical descending trend line, targeting a 60% dominance level and potentially reaching 70%, putting pressure on altcoins.
- Bitcoin’s price hit the $70,000 mark, breaking through a critical resistance level, raising anticipation of a move towards $100,000 if it stays above $70,000.
- Analysts suggest monitoring for weekly and monthly closes above $71,000 and breaching resistance levels at $72,000 and $74,000, which may lead to further gains for Bitcoin above $70,000.
Bitcoin’s dominance compared to other cryptocurrencies in the market has risen above a critical descending trend line that targets reaching 60%. This increasing dominance is putting pressure on the altcoin market as more investor capital flows into Bitcoin.
BTC Dominance Breaks Through Key Level
Bitcoin’s dominance has officially broken through the descending trend line with confirmed data. Closing above the 60% threshold could propel BTC dominance toward 70%, meaning altcoins may bleed further.
Bitcoin Breaks $70,000 Resistance
Bitcoin’s price hit the $70,000 mark, breaking through critical resistance. With BTC trading above July’s peak of $70,050, this signals potential new bullish momentum if BTC stays above $70,000. However, trading above $70,000 alone does not provide momentum. Confirmation requires breaking weekly resistance, which would mark the first major BTC high since May.
BTC’s Turning Point Ahead
To confirm this is not a bull trap, key levels to monitor are weekly and monthly closes above $71,000. Further resistance at $72,000 and $74,000 must also be breached for more BTC gains above $70,000.
This shift indicates a potential turning point for both BTC and altcoins. BTC’s increasing dominance threatens smaller cryptocurrencies. If Bitcoin keeps surging, altcoins may see further losses against BTC as capital chases Bitcoin’s market share.
Market Awaits Signals on BTC’s Path
With BTC’s path uncertain, the crypto market remains in limbo waiting for signals that will determine the further direction. Before month’s end, key levels will define Bitcoin’s movement going forward.
