BTC is back in action with support at $22,700, today’s BTC chart and market analysis.
In the past, bullish moves started on the BTC side. Especially on the positive news from Asia/China, BTC repeatedly tested the critical resistance level of $ 25,250. This level, which worked as a strong support in the previous period, is the most important situation for the determination of BTC’s direction today. Facing intense sellers at $25,000, BTC has reached the level of $23,400 as of the current situation.
Bitcoin (BTC) Chart Analysis
Considering the 1-hour timeframe for BTC technical analysis, it seems that the $25,220 level has faced multiple attempts and hard selling. In order to talk about the bullish scenario of BTC, the priorities should be observed above the $ 23,920 level. If BTC manages to hold above this level, the decision at $24,300 should be observed. In a possible bearish scenario, if BTC does not find enough buyers at $ 22,700, there may be a pullback to $ 22,600.
Bitcoin Dominance, What is the Latest Situation for Altcoins?
BTC, which has come to a critical stage in terms of price, has also reached a dangerous stage for dominance level. Receiving a reaction from approximately 43.80 percent dominance level, BTC is watching below the support level for the current situation. With the 44 percent dominance level exceeded, there may be decreases on the altcoins side. In order to observe a possible rise scenario on the altcoins side, 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 the close resistance point, corrections were also observed for the BTC market cap. Having found support from a market value of $ 440 billion, BTC has again exceeded the market value of $ 448 billion. In order for the crypto market to continue to rise, the BTC market cap can be expected to remain above $ 452 billion. In a possible bearish scenario, the market value of 440 billion dollars can act as support again.
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