Bitcoin price again took a dive today, the inability of the bulls to sustain above $40K has put BTC in a downward trend. Following suit the entire crypto market is trading red. The flagship crypto is now expected to retest the resistance again.
BTC has traded in the 24hr high-low range of $37,913.46 – $39,886.59. After hitting the 24 hr high, it retraced back and even stooped below major support levels at $38420 and $38000. However, it rose back up to $38600 later in the day.
At the time of writing, BTC is trading at $38221 down by 4.1% in the last 24 hours. The resistance is at $38400, cementing this level will bring $39200 resistance to play. In case of a downtrend, a retest of $36000 can be seen.
Bitcoin Dominance Intact and Rising!
The Bitcoin dominance (BTCD) indicator has been trending upwards. According to TradingView statistics, BTCD reached a three-month high of 49.2 percent on July 31. It was last at these levels in May, when it was on the way down from a yearly high of 73.6 percent at the beginning of January.
It’s also worth noting that the BTCD index was at these levels the last time it was on its way down from a peak in January during a full-fledged bull market. It is currently on a recovery from the lows it reached in mid-May.
As Bitcoin’s dominance continues to rise, along with price levels above $38,000, the flagship crypto continues to debunk the “flippening” narrative that was reignited by a two-week decline in Bitcoin’s active addresses.
This continued rise in Bitcoin dominance could be an indication that another bull market season is about to begin. The BTC dominance first reached a yearly high of 73.5 percent in the bull run that began in Q4 2020 and continued until May 2021, before the rest of the altcoins captured to its proportional price action, resulting in a bull market.