Bitcoin Dominance Breaks Upward Despite a Range-Bound BTC Price

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In Brief
  • The Bitcoin dominance rate has flipped the 67.5% level and the 200-day moving average as support

  • The next resistance level is found at 75%.

  • A weekly close above 68% would would be extremely bullish for the future outlook.

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On May 6, the Bitcoin dominance rate increase above the 68% area for the first time since Jan 14. The flip of such an important level is a bullish sign that suggests that the price will be positively influenced by this. Well-known cryptocurrency trader @Damskotrades outlined a Bitcoin dominance rate chart (BTCD) that shows this important resistance level that has been flipped as

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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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