BTC dominance at 57%: Is a breakout to 60% next?

Current State

BTC dominance has continued to move within the long-standing rising wedge on the weekly timeframe, which has been developing for over two years. As BTC.D approaches the apex of this formation, the market remains at a critical juncture where a major move is imminent.

Key Observations:

Resistance: The 57% region continues to serve as a significant resistance level. This level aligns with the apex of the rising wedge, marking a historically important area where BTC.D previously formed a lower high before spiking to 72% and then sharply declining to under 40% in 2021.

Market Dynamics: The prolonged consolidation within the wedge and the approaching apex suggest that BTC.D is nearing a decisive moment. The direction of the breakout or breakdown will have significant implications for the broader market, especially for altcoins.

Conclusion

BTC dominance remains at a critical point as it approaches the tip of a two-year rising wedge. The 57% resistance level is pivotal, and while a move to 60% is possible, a breakdown from this wedge could lead to a substantial shift in market dynamics, favouring altcoins over BTC.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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