Bitcoin (BTC) has been going into a minor correction for now, which just made sense, as I said yesterday. However, the market began to behave strangely. As Bitcoin got much closer to the current all-time high level, altcoins popularly get smoke. I noticed this a few days ago, but I only thought it was some belated behavior of the altcoin market.
Bitcoin dominance
While Bitcoin went up very sparingly, Bitcoin dominance experienced indeed considerable volatility. And yesterday it was striking that the BTC exchange rate was stagnating, but the dominance was still growing. Which didn’t make sense, because just then the altcoins could take the initiative. When there is a rally and Bitcoin takes a break, the situation should use alts.
But nothing like that happened. Instead, the altcoins began to bleed against the dollar. It was therefore clear that, for some reason, market participants were not moving either to Bitcoin or to alto. Instead, they prefer the dollar. Or just some stablecoin pegged to the dollar. Of course, that wasn’t a very good sign, because the rest of the market is far behind Bitcoin. And their attempt to catch up with our king is quite weak.
Current situation at 1D BTC / USD
As has been said, Bitcoin stopped his progress. Paradoxically, growth has slowed down high volume node volume profilewhich is around $ 56,500. After the breakthrough, the market definitely had a chance to continue advancing, but did not take advantage of it. The price dropped very quickly in close proximity to the $ 52,500 support. But there was clearly no intrusion into the support zone.
Which is a shame, because we would definitely need to test this level. We would find out how many buyers there are actually. I think there would be a lot of them, but we need to know for sure. The whole market needs to know for sure if we can really rely on the level.
But she is still very likely to be tested because Bitcoin tends to return to the surface. It is evident that the buyer is running out of ammunition and therefore it is necessary to collect it somewhere. Unfortunately, we will return to the whole big one cluster volume profile, which is above the monitored support.
Indicators
The market clearly failed at the 70-point mark. As I warned on Tuesday, the momentum was simply fading. The histogram on the MACD indicator also confirmed this. Therefore, yesterday’s and today’s decline should not surprise anyone.
In conclusion
As long as Bitcoin is over supportní confluence Around $ 52,500, the market is still bullish. But let me point out that when the price falls below this monitored level, it is a big problem. Although we have created a higher peak in the medium-term price expansion, such a failure is not very tolerated near ATH. In addition, we must not lose one of the strongest levels.
ATTENTION: No data in the article is an investment board. The analysis does not try to predict future price developments. It serves exclusively as an educational text on how to approach the market mentally. Before you invest, do your own research and analysis, you always trade only at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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