Despite one of the largest thefts in Web3 history shaking the crypto industry on Thursday, the cryptocurrency market gained some momentum.The market’s sentiment has improved significantly over the last week, as prices have risen and the $45K big resistance level has been broken by the largest cryptocurrency by market cap.
The price of bitcoin has flipped some critical obstacles in the previous two weeks. This move will almost certainly result in another round of consolidation, allowing altcoins to rally.
Is $44,600 a crucial level for BTC?
Bitcoin might be on its way to $58K in the coming weeks, according to Bitcoinsensus, as it breaches resistance levels from the symmetrical triangle and support range of $45.5K. On shorter time frames, the uptrend appears to be solid and has good volume.
Currently, the price is attempting to break below $46,700. It’s the zone that’s been holding the price steady for the past three days, and a break below it could signal a slight Bitcoin downturn. In that case, the $44,600 level will be the next milestone to watch for Bitcoin.
The $44,600 level is significant since it has served as a strong resistance level. This modest correction may be beneficial to the price activity. Bitcoin may be able to gain liquidity at $44,600 and then bounce back to break above the $48,100 barrier level.
At the time of writing Bitcoin is trading at $46,627.09, and is down by one percent.
On the flip side..
On the other hand, according to Coindesk, Bitcoin’s market capitalization as a percentage of overall crypto market capitalization, or “dominance ratio,” has fallen below its 50-day moving average, indicating that altcoins are beginning to outperform.
After a steep drop last year, the dominance ratio is gradually stabilising. The BTC dominance is hovering near the base of roughly 40%, which is higher than the last bottom of 35% in 2018.
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