With Monday and Tuesday’s red days potentially being erased, all eyes are on Bitcoin and the altcoin market. Will this be the moment when Bitcoin soars to retest its record-breaking peak?
Tuesday’s market turbulence sent shivers down the spines of crypto investors as $BTC plummeted to $64,500. But fear not, the top cryptocurrency has shown resilience and is poised to reclaim its throne, turning potential losses into victorious gains.
$BTC Loses Bullish Trend Line
As we examine the daily time frame, it becomes apparent that $BTC has relinquished its bullish trend line, which has been a reliable support since the start of February. Wednesday’s closing below this trend line, coupled with a confirmation of the break, spells trouble for the cryptocurrency.
Hoever, bullish energy is starting to surge back into $BTC. The stochastic RSIs on all lower time frames have reset, and the daily stochastic RSI is on the brink of resetting before making a bullish turn once again.
The fate of $BTC hangs in the balance as it strives to break free from the confines of the bullish trend line and the series of lower highs since its record-breaking peak.
Without conquering the lower high at $72,000, the cryptocurrency risks a downward spiral, plunging into even lower depths.
Altcoin Bounce
The Total 3 chart, which tracks the market cap of all cryptocurrencies except for Bitcoin and Ethereum, is showing signs of great potential. A new trend is emerging with a higher low, and all that’s left is for the altcoin market to break through the $776 billion resistance and erase its previous lower high.
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Bitcoin Dominance Decision Time
The stakes are high as a critical decision looms on the horizon. Will Bitcoin’s dominance continue to reign supreme, potentially reaching a new high of 55%? Or will the altcoins finally have their moment in the spotlight, with a drop in dominance to 52%?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.