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Home Cryptocurrency news Bitcoin

Bitcoin Dominance Climbs, Leaving Altcoins Vulnerable to New Leg Down

Tony Spilotro by Tony Spilotro
9 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
bitcoin dominance altcoins crypto
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Bitcoin dominance broke down recently from a long-term trend line, potentially signaling that an altcoin season would soon be upon us.

However, Bitcoin’s latest surge ahead of its halving has caused BTC dominance to reclaim the trend line, leaving altcoins vulnerable to another devastating leg down.

BTC Dominance Reclaims Lost Trend Line, Alts May Be In Trouble

Last night’s weekly close for altcoins may have been the most important in crypto market history, but unfortunately for altcoins, Bitcoin‘s latest explosive rally has caused BTC dominance to do what it does best and dominate altcoins like Ethereum and XRP.

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Related Reading | Altcoins Face The Most Important Weekly Close in Crypto History

Weeks ago, Bitcoin dominance lost a key trend line that has been valid and respected since 2018 when the crypto hype bubble popped, and the altcoins across the board deflated.

Bitcoin fell by 84% to its bottom and has nearly regained half of the lost ground. Altcoins, however, are still down by 90% or more in most cases. Many dropped by over 99%.

The recent surge in altcoins, combined with a massive surge in trading volume and BTC dominance losing a critical line gave hope to altcoin bag holders that the next alt season could cause these battered and beaten altcoins to shine with stimulus checks coming in.

However, BTC dominance losing the line appears to be a false breakdown from an even larger formation – a formation that could leave altcoins vulnerable to another leg down.

btc bitcoin dominance altcoins

Bitcoin Dominance Forms Ascending Triangle, Is This For Altcoins?

BTC dominance not only has reclaimed the key level, but it appears to have formed a massive, multi-year ascending triangle.

These powerful bullish patterns typically break upward, but not oftentimes experience a false breakdown prior to the final breakout direction.

They’re most often found as continuation patterns but can form at bottoms just as it did when Bitcoin was trading at $3,200. It was this type of pattern that sent Bitcoin from those lows to over $13,000.

Making matters worse, on the total crypto market cap price chart sans BTC, the total altcoin market cap can be seen reaching downtrend resistance, yet failing to close a candle outside of the deadly trend line that has kept their prices in a downtrend for over tw0 years.

btc bitcoin dominance altcoins

Bitcoin’s halving is in less than two weeks, and the volatility expected surrounding the event could spell disaster for altcoins, that typically respond poorly to Bitcoin surging or crashing.

Related Reading | Sell Bitcoin in May and Go Away? Ominous June Event Could Cause Crash

It’s Bitcoin trading sideways that allows altcoins to flourish, but that may not be happening for some time coming, according to Bitcoin dominance charts and the generally bullish sentiment surrounding Bitcoin’s halving.

Altcoins have nowhere near the same benefits going for them, which could let Bitcoin further outperform in the months ahead.

Featured image from Pixabay
Tags: altcoinsbitcoinbitcoin dominancebtc dominancebtc.dcrypto
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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