The bitcoin dominance rate (BTCD) has been decreasing throughout the entirety of 2021 and is approaching a long-term support level at 39.5%.
Despite being close to support, BTCD is not showing any bullish reversal signs. Therefore, a continued decrease is likely.
Long-term BTCD decrease
BTCD has been decreasing since December 2020, after it reached a high of 73.63%. So far, it has managed to reach a local low of 40.15% on May 15.
The low was made very close to the long-term 39.50% support area, which has not been reached since 2018. If this support breaks down, the next closest one is found at 36%.
Weekly time-frame indicators are decisively bearish. The RSI has fallen below the 30-line, the MACD is negative, and the Stochastic oscillator has made a bearish cross.
Therefore, it’s likely that the long-term trend is still bearish.
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