Crypto Express

08/09 04:26

Bitcoin Dominance chart may be warning traders

Bitcoin Dominance chart may be warning traders of THIS shift!

Risk-averse traders can consider taking profits instead of betting on a breakout based on the altcoin market cap and BTC.D trends.

The conditions across the crypto markets were strongly bullish. Ethereum approached the $4K resistance, and Bitcoin managed to recover from its retracement to $112k. Yet, there was reason to think altcoins might not be ready for a sustained rally.

Ethereum [ETH] was closing in on the psychological $4K mark. Toward the end of July, ETH bulls faced rejection from $3,941. At press time, the price of the leading altcoin was just a few dollars short of this mark.

Ethereum faced high selling pressure even as it closed in on the nearby psychological round-number resistance.

On-chain activity was elevated, which could spur demand for ETH and sustain the rally. Demand from institutions and treasury firms was on the rise, and Tom Lee’s $6,000 prediction for Ethereum is not outlandish.

With the selling pressure on Ethereum in mind, AMBCrypto examined the Bitcoin Dominance (BTC.D) and the altcoin market capitalization to see if altcoin traders should consider taking profits soon.

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