The price of Bitcoin (BTC) remains the leader among top-ranking cryptocurrencies in the short term, but beware, dominance comes under major technical resistance.
Bitcoin (BTC) in a speculative bubble?
The price of Bitcoin has progressed vertically since the technical breakout of old historical records, the famous $ 19,700 (€ 16,500) in December 2017. This technical resistance was overwhelmed 3 years later, triggering further acceleration of $ 8,000, relegating early supports to a dangerous distance for managing trading risk , essentially over the short-term time horizon.
The rout of the XRP token along with the legal dispute between the SEC and Ripple likely caused capital to move into BTC, thus assuming a “safe haven” role, but only within the crypto world. I believe the upside for a week has a speculative mini-bubble nature , beware of retracement risk as the market year ends tomorrow.
I invite you to watch my last video on this topic of Bitcoin’s current bullish excess:
Bitcoin Dominance Reaches Major Resistance
Without playing ominous birds, Bitcoin’s dominance is unlikely to reach 95% again, as the world before was a world without (or almost) altcoins. If we practice the technical analysis of the financial markets on the BTC dominance, a clear major resistance is present at 73%, I think that this barrier will not be crossed by the BTC, except for exceptional fact (for example, if the SEC attacks other major tokens).
The upcoming test of these 73% should cause a decline in dominance, this is naturally a personal opinion, in fine, only the proven facts will count.