Crypto Patel

$BTC Dominance Chart Analysis: Market Insights and Predictions

#Bitcoin dominance is a metric that measures the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies.

Currently, BTC dominance stands at 51.30%, trading at a higher resistance zone.

Key Takeaways:

- BTC dominance is trading at a higher resistance zone, which may lead to a retracement.

- A potential test of the 47.50% support level is possible before a leg up.

- The relationship between Bitcoin dominance and altcoins:

(i). Increasing Bitcoin dominance: Altcoins may go down in value.

(ii). Decreasing Bitcoin dominance: Altcoins may experience a pump in value.

Support and Resistance Levels:

Support levels: 47.50% / 40%

Resistance levels: 53%/70%

Technical Analysis:

Bitcoin dominance is currently at a higher resistance zone, which could result in a retracement to the support level of 47.50%.

This could potentially lead to a short-term pump in altcoins' value, as Bitcoin dominance decreases.

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