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Bitcoin dominance is on the verge of a breakdown on the charts. Could this spark the next altseason?
Bitcoin dominance chart has been useful in predicting the crypto market cycles. Looking at the current chart setup, Bitcoin’s market dominance is hitting a critical resistance, hinting at a potential reversal.
A decline in Bitcoin dominance means that liquidity has shifted its flow to altcoins, and BTC’s market share is shrinking. With the BTC dominance chart hitting a key resistance zone, does this mean the market could see altcoins boom soon?
According to renowned analyst CryptoGoos:
THE BITCOIN DOMINANCE IS ABOUT TO CRASH. BULLISH FOR ALTS!
BTC has seen its open interest decrease by 2.7% and price drop by 0.9%. The long-short ratio stands at 0.97, showing a slight selling pressure in the last 24 hours, as of press time. The market is closely watching BTC’s next moves at this point for further insights.
