BTC sagged below $ 24 thousand, causing pullbacks in the crypto market, how can BTC, which has reached the critical stage, show a path?
Bitcoin (BTC) Chart Analysis
Analyzing the 1-hour chart for BTC technical analysis, it seems that the $25,200 level was tested twice and faced another hard sell. If BTC’s $25,000 level, which has been voluminous for support/resistance in the previous processes, is exceeded and permanence is provided, an increase may occur up to $26,600 levels. In BTC price, if the $25,200 level is not exceeded, a pullback to the sequential support levels of $23,620–$23,340 is possible.
Bitcoin Dominance, What is the Latest Situation for Altcoins?
If the BTC price rises, the price movements on the basis of altcoins did not occur much, as the dominance level increased. Seeing the persistence of BTC above $24,000, investors slowly started to turn to altcoins. If BTC, which currently has approximately 43.96 percent dominance, starts to move to 44.30 percent dominance, which is the next resistance point, a price decrease can be observed on the basis of altcoins. For altcoins, rallies could begin with the BTC dominance level loosening to 43.70 percent.
Market Value Analysis for Bitcoin
With the rise in crypto markets in light of positive news from China, BTC had tested $487 billion as the recent peak value of its market value. The $487 billion market cap, which served as a strong support during the downturn of the crypto market, is currently working as a hard resistance level in front of BTC. With BTC price crossing the $25,200 level, close tops in market cap can be tested. In a possible BTC market cap decrease, pullbacks up to $ 452 billion can be observed. If the BTC market cap doesn’t find enough demand from the $467 billion level, it could go down to $447 billion market cap.
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