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<p><strong>Benjamin Cowen, a well-known crypto analyst, <a href="https://twitter.com/intocryptoverse/status/1701223975995441597?s=20" target="_blank" rel="noopener noreferrer nofollow">commented</a> today on Bitcoin’s market dominance, noting that it appears to have conducted a “clean backtest” at the 50% level, which he identifies as the breakout point. </strong></p> 
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<p>Additionally, Cowen pointed out that Bitcoin has bounced off its “bull market support band.” Here’s what those technical terms mean and why they are significant in this context:</p> 
<ol> 
 <li><strong>Breakout Point at 50% Dominance</strong>: In technical analysis, a breakout point refers to a specific price or, in this case, market dominance level that an asset has struggled to surpass. In Bitcoin’s context, the 50% market dominance level appears to be this critical breakout point. After breaking past this level, Bitcoin retested it, meaning its market dominance dipped back to around 50% but did not go below it. This “backtest” is considered a bullish indicator because it suggests that the 50% mark has transitioned from being a resistance level to a new support level. It provides added confidence that Bitcoin will maintain, if not extend, its market dominance going forward.</li> 
 <li><strong>Bull Market Support Band</strong>: This refers to a calculated range of market dominance levels that serve as a support for Bitcoin during its bullish trends. When Bitcoin’s market dominance falls to this band and subsequently bounces off of it, it typically signals the asset’s strong standing in a bull market. The “bounce off” of this band would indicate that Bitcoin’s upward trend in market dominance is more likely to continue, thereby reinforcing its position relative to other cryptocurrencies.</li> 
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<p>Given Bitcoin’s market dominance is at around 50% and has successfully backtested this breakout point, along with a bounce off the bull market support band, Benjamin Cowen’s analysis suggests a positive outlook for Bitcoin’s relative strength in the cryptocurrency market.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/technical-indicators-suggest-bitcoin-dominance-retesting-breakout-level-according-to-benjamin-cowen/">Technical Indicators Suggest Bitcoin Dominance ‘Retesting Breakout Level’ According to Benjamin Cowen</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Technical Indicators Suggest Bitcoin Dominance ‘Retesting Breakout Level’ According to Benjamin Cowen

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