- Bitcoin dominance tops 57.68%, showing resilience as altcoins struggle to compete. Investors eye a potential 71.04% resistance test.
- Since 2022, Bitcoin’s dominance has surged with a stable trendline, now reaching 60.12%. Confidence in Bitcoin remains strong.
- Rising Bitcoin dominance signals a bullish trend, breaking past key levels and hinting at new highs as altcoins lose ground.
Altcoins struggled to compete as Bitcoin’s market dominance surged since 2022, breaking key resistance levels and recovering a stronger position. Following a steady rise, Bitcoin dominance recently surpassed the critical 57.68% threshold—a historic monthly close not seen since early 2019.
This pattern indicates a positive future for Bitcoin’s market share, which is presently hovering at 60.12%. Additionally, an upward trendline that has offered stability for the previous two years supports this momentum. Investors are keeping an eye on whether this dominance will revisit previous highs and pose a threat to the next resistance level, which is 71.04%.
Bitcoin’s Steady Rise Above Key Support Levels
After emerging from a falling wedge pattern and breaching the crucial resistance zone between 50% and 55%, Bitcoin’s dominance has been on the rise since 2022. Bitcoin saw a similar increasing trend in 2018 with a volume of 13.17 trillion over 304 days.
Comparably, the recent upward trend in 2023 spanned 274 days, reaching a volume of 48.467 trillion. This steady climb above support levels signals strong market confidence, particularly as Bitcoin dominance reached a high point at 60.12%. Additionally, Bitcoin’s rising dominance emphasizes its resilience, even as altcoins try to capture investor interest.
Key Resistance and Support Levels Ahead
With Bitcoin’s dominance currently above 57.68%, the next critical support is set at 53.87%, while major resistance lies at 71.04%. These levels are pivotal for understanding Bitcoin’s potential to maintain its upward trend.
Read CRYPTONEWSLAND on
google news
Historically, when Bitcoin last achieved a monthly close above 57.68%, it briefly retested this level before rallying to new highs. This pattern suggests that Bitcoin dominance could retest previous levels before moving towards the 71.04% resistance.
Additionally, the rising trendline that has supported Bitcoin’s supremacy over the previous two years indicates that investors are becoming more confident in Bitcoin relative to other cryptocurrencies.
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
