BTC has been under selling pressure by not exceeding the strong resistance level of $ 25 thousand, what situations await BTC, which comes to the risky zone?
In the past weeks, upward moves have started on the BTC side. Especially on the positive news from Asia, BTC repeatedly tested the critical resistance level of $ 25,250. This level, which worked as a strong support at the time, is now the most important situation for BTC’s direction decision. Facing intense sellers at the level of $25,000, BTC has reached the level of $23,100 as of the current situation.
Bitcoin (BTC) Chart Analysis
Looking at the 1-hour chart for BTC technical analysis, it seems that the $25,000 level has been tried multiple times and faced another hard sell. In order to talk about the bullish scenario of BTC, the priorities should be observed above the $ 23,340 level. If BTC manages to hold above this level, the decision at $23,600 should be observed. In a possible bearish scenario, if BTC does not find enough buyers at $ 23,850, there may be a pullback to $ 22,600.
Bitcoin Dominance, What is the Latest Situation for Altcoins?
BTC, which has reached the critical stage in price, has also reached the decision stage for the dominance level. Receiving a reaction from approximately 48.30 percent dominance level, BTC is watching below the support level for the current situation. With the 44 percent dominance level exceeded, decreases can be observed on the altcoins side. In order for a possible rise scenario on the basis of altcoins to be experienced, the relaxation process of the BTC dominance level to 43.60 percent can be followed.
Market Value Analysis for Bitcoin
With the BTC price returning from its close peak, pullbacks were also observed for the BTC market value. Supported by the market value of $ 440 billion, BTC has again exceeded the market value of $ 448 billion. For the crypto market to continue on the upside, the BTC market cap can be expected to exceed $452 billion. In a possible bearish scenario, the $440 billion market cap can act as support again.
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