The Bitcoin Dominance Rate Decline Could Be Nearing Its End

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In Brief
  • The Bitcoin dominance rate has fallen below the 65.75% support area.

  • The rate is possibly in the fifth and final wave of an Elliott formation.

  • The relationship between the Bitcoin price and the Bitcoin dominance rate is negative

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The Bitcoin dominance rate (BTCD) has broken down from a minor support area. The closest support area is found at 64.2%, but BTCD has yet to show any signs of reversal. Ongoing Decline The Bitcoin dominance rate has been decreasing since reaching a high of 66.68% on June 27. This decline validated the 66.5% area as resistance. Furthermore, the same area is strengthened by the presence
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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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