The crypto space has triggered a fresh bullish move! The Bitcoin price continues to hover around the crucial resistance level of $30,800, manifesting the possibility of closing the monthly trade on a bullish note.
On the other hand, the dominance of Bitcoin is slowly plunging, and the other altcoins are displaying a magnificent upswing. Therefore, a shift in trending patterns is witnessed within the crypto space that may bring the differing Altseason closer.
The BTC dominance within the market has been rising since the beginning of the month and has surged from 47.28% to as high as 52.19%, the levels that were last seen in May 2021.
However, the trend was bearish then compared to the present trend, which is bullish. Moreover, it appears that the dominance could hover between 50% and 52% for some days and remain largely stagnant, which may assist the altcoins in gaining some profits.
Although the altcoins are displaying bullish momentum, the total market cap, excluding Bitcoin, flashes bearish signals.
After hovering in a narrow region, the altcoin market cap plunged hard below the crucial support. However, it did attempt to recover the loss but the current day’s trade compelled the levels to test the lower trend line.
However, no validation of a beamish divergence is seen at the moment but the bears have confirmed their presence. Therefore, even if the altcoins are being bullish, it may be for a short time which could be outpowerd by the bulls soon.
Source: https://coinpedia.org/price-analysis/bitcoin-dominance-is-falling-apart-while-altcoins-thrive-what-does-this-mean-for-the-btc-price/