As Bitcoin Decreases, Its Dominance Rate Moves Upward

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In Brief
  • The Bitcoin dominance rate is facing strong resistance at 66.5%, strengthened by numerous daily moving averages.

  • The rate is possibly trading inside a symmetrical triangle, nearing the end of the pattern.

  • The Bitcoin price has found support above the 600-hour MA and the $9450 support area.

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On June 11, the Bitcoin price was rejected by the $10,000 resistance area and has been decreasing since, briefly falling below $9,500. Interestingly enough, this decrease in Bitcoin price has caused a slight increase in the Bitcoin dominance rate. The Bitcoin dominance rate (BTCD) is trading at a very important level, currently right at the rising support line that has been in place

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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