Bitcoin (BTC) course recovers but arrives at strong resistance, dominance increases further

Bitcoin (BTC) course recovers but arrives at strong resistance, dominance increases further

Use of Bitcoin (BTC) network is approaching all-time high

After the strong correction yesterday, bitcoin (BTC) is currently recovering. This broke a number of important resistance levels. Bitcoin dominance is also rising even further, however, according to an analyst, this is nothing special. Now the bulls are faced with strong resistance and the question is whether they will succeed in breaking them.

At the time of writing, the price of bitcoin (BTC) is $ 10,697.94 according to CoinMarketCap after having increased in value by 4.17% in the last 24 hours. The recovery with bitcoin SV (BSV) and bitcoin cash (BCH) is even better. The altcoins are respectively 8.62% and 8.57% in the plus. This means that BSV is worth $ 129.84 and BCH is $ 308.99.

After the recovery that bitcoin started last night, bitcoin dominance has increased further. With a total market capitalization of $ 287.9 ​​billion and that of bitcoin $ 191.3 billion, bitcoin dominance comes out at 66.4%. Although this level was last seen long ago, according to analyst Luke Martin it is nothing special:

$BTC dominance less than 50-60% is rare when comparing to historical average ~ 80%. I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of crypto market is the norm – not the outlier. Alts make a great trade when the macro trend is up.

Bitcoin recovered well last night. It broke both $ 10,500 and $ 10,800 during the rise. However, once the bitcoin rate arrived at $ 11,000, the resistance was too great. As a result, bitcoin dropped below $ 10,800, where it is now located.

At the moment the next resistance is at $ 10,800 with $ 11,000 above it. If the bulls manage to break through these resistances, the price can continue its way up to $ 11,500. If this does not work, it is likely that the price will continue its way down towards the supports at $ 9,500 and $ 9,000

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About Viktor Sokolov 88 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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