Bitcoin Trading Below $95,000 While Market Dominance Reaches 63.9%
Bitcoin is consolidating below the $95,000 mark, currently trading at $94,450. Its market dominance has increased by 1.9%, reaching 63.9%, the highest since January 2021. This indicates a potential decline in altcoin values relative to Bitcoin.
- The global crypto market cap fell 0.5% to $2.94 trillion.
- Total daily trading volume rose nearly 15% to $63.4 billion.
- US-based spot BTC ETFs saw a net inflow of $425.5 million on May 5, primarily from BlackRock’s IBIT fund.
- Five BTC ETFs experienced over $105 million in outflows.
- Ethereum-based investment products had a neutral trading volume of $113 million on May 5.
- Analyst Jason Pizzino suggests further correction for Bitcoin to $92,000, with a potential drop below $90,000 if that level is breached.
- A rise above $96,000 could indicate a move towards breaking the $100,000 barrier.
Bitcoin requires both macro and micro catalysts to gain bullish momentum; otherwise, a price correction may occur.