Certified Analyst Warns Bitcoin Dominance May Reverse at 64% Level
Bitcoin is currently consolidating around $105,500 after peaking at $106,807. Its market dominance has decreased slightly, with the BTC Dominance (BTC.D) metric stabilizing near 64% in recent weeks.
BTC Dominance Resistance and Candlestick Analysis
- Market analyst Tony Severino notes that BTC.D's resistance at 64% may indicate a potential reversal point.
- A Doji candlestick formation at this level suggests weakening dominance strength.
- If the current monthly candle forms an Evening Star pattern and closes below 62%, Bitcoin's dominance could decline significantly.
Altcoin Market Outlook
- Severino warns against assuming an immediate altcoin season despite signs of a potential shift in BTC dominance.
- The BTC.D Relative Strength Index (RSI) remains above 70, indicating ongoing strong momentum.
- Bitcoin remains steady above $105,000; a decisive break below 62% in BTC.D is required for a shift in dominance.
- Currently, Bitcoin trades at $105,500, down 0.1% in the last 24 hours, while Bitcoin dominance is at 63.1%, a decrease of 0.57%.
- Ethereum's market share has increased by 2.13% to 9.6%.
