All crypto assets, and particularly for Bitcoin, the past two weeks have changed significantly. Although the prices on the cryptocurrency market made some upward advances in July, the majority of tokens were unable to continue growing after that.
Recently, there have also been additional losses in the cryptocurrency market, which have upset the market’s mood.
The next potential market bottom may be examined when several price models were examined. A probable bottom is indicated by the delta pricing model to be slightly below $15,000. Given the current price action, this may be the most likely or closest thing to the true bottom. According to Crypto Quant’s findings, the model’s price estimate indicates that a possible bottom might be reached around $14,478.
It is uncertain whether Bitcoin will fall further lower in the foreseeable future. A number of unfavorable macroeconomic circumstances in recent years have caused the cryptocurrency to experience external turbulence never before seen.
BTC is unable to stay above the $20,000 resistance due to the bulls’ inability to maintain momentum. For the BTC bulls, clearing the $20,600 and $21,000 overhead resistance is proving to be quite difficult.
Since the indication in the Bitcoin price analysis gets more negative, the downtrend line rules supreme in the hourly charts.
BTC’s dominance drops
Bitcoin’s market capitalization share as a percentage of all other crypto assets is on the decline. Only 39.59% of the market is currently occupied by Bitcoin, with Ethereum coming in second at about 19%.
Bitcoin’s market share today is less than half of what it was in January 2022, when it was just under 72%. When compared to the share in recent months, the current levels are noticeably lower. BTC continued to hold a 47.49% market share in June 2022.
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Source: https://coinpedia.org/bitcoin/decoding-the-worst-case-scenario-for-bitcoin-for-this-week-heres-what-btc-traders-should-know/