Bitcoin (BTC) dominance, which fell by 1.70 percent during the day, paves the way for the rise of altcoins.
BTC dominance, which started its downward movement from 50.54 percent, came directly to 49.67 levels. The data, which fell by 1.70 percent in such a short time, became a medicine for altcoins. The altcoin market, which has been priced upwards only with the effect of news for a long time, has revived with this relaxation in dominance. But can the spring mood in altcoins continue? Which points are important at the BTC dominance level?
Bitcoin dominance analysis
BTC dominance, which started to withdraw from 50.54 by being rejected, signed a sharp decline by coming to 49.67. Dominance, which is currently close to the support level, may receive an upside reaction at 49.60. If 49.60 is broken down and 48.95 and 48.35 are tested, big rises can be observed in altcoins.
Touching 49.60 and moving up will make this activity in altcoins temporary. Although BTC dominance, which has been over 50 percent for a long time, has revived the altcoin market with its bearish movement, attention should be paid to the levels 50.05 – 50.55 and 51.67. A possible trip to these levels could increase the selling pressure in altcoins and pull prices to the support point.
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