Did The Bitcoin Dominance Rate (BTCD) Begin a New Bullish Trend?

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In Brief
  • -The rate has bounced at the long-term 62.50% support area.

  • -There is resistance at 65,85% and 69%, the former strengthened by the 200-day MA.

  • -The rate has been following a long-term resistance line since February 2019.

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On July 26, the Bitcoin dominance rate (BTCD) reached a long-term support area at 62.50% and initiated a rapid bounce that is still ongoing. However, we cannot yet state with certainty that the trend is bullish. BTCD Bounces at Long-Term Support The Bitcoin dominance rate has been declining alongside a descending support line since it reached a high of 68.92% on May 7. On July 26,
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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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