Bitcoin (BTC), which has shown a great rise with the announcement of the US inflation data in the past days, may have come to the decision stage.
BTC, which increased from $ 19,550 to $ 26,390 in the recent period, increased by approximately 35 percent. The leader of the crypto industry has gathered incredible volume in the market with this sharp rise. BTC, which has experienced a price decrease due to the FUD news in the past days, is currently hovering above $ 24,000.
How can BTC, which has come to the decision stage in order for the rise to continue, follow?
Bitcoin (BTC) Chart Analysis
BTC, which instantly fell to $ 19,560 with the succession of FUD news, seems to have gathered strength to a large extent. It has resurrected the crypto market for now, by capturing the upward momentum from the $ 19,560 level. In order to talk about possible rises in the crypto sector, it is of great importance that BTC “permanently exceeds” $ 25,250. Especially in the scenario where the FUD news about banks continues, it seems likely that BTC will decline to the level of $ 23,900.
Market Value Analysis for Bitcoin
After the release of the US inflation data, harsh pricing was also seen for the BTC market value. BTC is currently hovering above the $467 billion market cap. In order for the BTC market value to continue to rise, it is of great importance that it permanently exceeds the market value of 481 billion dollars. In the possible market value decrease scenario, the level of 452 billion dollars can act as a support.
Bitcoin Dominance, What is the Latest Situation for Altcoins?
With the announcement of the US inflation data, which is one of the main factors in the sharp rise of BTC, great increases were observed on the side of BTC Dominance. Looking at the 4-hour time frame, we see that BTC has peaked in terms of Dominance. With the withdrawal in BTC price, pullbacks were observed on the Dominans side. For the bullish scenario of altcoins, it is important that the Dominance level loosens to 44.85 percent. If BTC Domina tests 46.19 percent again, it may create price pressure for altcoins.
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