- BTC is down more than 5% in the last seven days.
- BTC price could fall to 61k before turning bullish.
After a heavy fall, bitcoin [BTC] The dominance began to increase in recent days. The recent rise in Bitcoin dominance was not the result of a BTC bullish rally, but rather a consequence of altcoins turning bearish.
Therefore, AMBCrypto checked the status of BTC to see how the growing dominance could affect the price of the coin.
Bitcoin’s Growing Dominance Amid Price Crash
CoinMarketCap’s data revealed that the price of BTC fell more than 5% in the last seven days. This pushed the price of the coin below $63,000.
In fact, in the last 24 hours alone, BTC is down 2%. At the time of publication, it was trading at $62,369.67, with a market capitalization of over $1.22 trillion.
The slowdown was not limited to just BTC, as several altcoins, including Ethereum [ETH]also witnessed price corrections.
The overall drop in altcoin market capitalization allowed BTC dominance to rise again after a sharp drop on April 28. At press time, Bitcoin dominance was 50.9%.
Will increasing dominance help BTC turn bullish?
Since BTC dominance was increasing, AMBCrypto planned to check its metrics to find out how this affected investor sentiment. We found that the selling pressure on BTC decreased in the past few hours as its currency reserve decreased.
Furthermore, its net deposit into exchanges was also low compared to the last seven-day average. A look at CryptoQuant data revealed that miners were also selling at a slower pace, indicating their willingness to hold onto BTC.
Increasing buying pressure and investors’ willingness to hold BTC could trigger a trend reversal, allowing BTC to paint its charts green. To better understand if that is possible, we analyze the daily BTC chart.
According to our analysis, BTC’s Chaikin Money Flow (CMF) recorded a rally and at the time of publication it had a value of 0.08.
A similar increasing trend was also observed on the Bitcoin Money Flow Index (MFI) chart. Both technical indicators pointed to a price increase in the coming days.
However, the Relative Strength Index (RSI) remained bearish as it recorded a decline.
Read Bitcoin [BTC] Price prediction 2024-2025
Looking ahead, we analyze the BTC chart to predict the next possible targets that BTC could hit if a bullish rally occurs. The BTC price in the short term could first fall to a support of $61,000.
A successful test of that support could initiate a bullish rally, allowing it to first reclaim $66,000. A new price surge could see BTC reach $71,000 before hitting a new all-time high in the coming months.
Next: Can Ethereum Bounce Change the Game for Lido?
This is an automatic translation of our English version.
