Crypto Express
07/18 09:45
Is Bitcoin dominance breakdown
Is Bitcoin dominance breakdown signaling an altcoin season?
Bitcoin dominance has sharply declined from 66.04% to 62.47%, a drop of 5.43%, breaking below an ascending trendline that supported BTC.D since late 2023.
The daily RSI reading has plunged to 18.02, indicating extreme oversold conditions. Historically, similar breaks have accompanied altcoin rallies, particularly among large caps like Ethereum.
This decline in dominance, paired with ETH’s ETF traction and price strength, suggests a capital rotation from Bitcoin into altcoins.
Therefore, the market may be entering a new altcoin-led phase, with Ethereum at the forefront.
Conclusively, Ethereum’s strong July performance, coupled with rising ETF interest and falling Bitcoin dominance, has given bulls fresh hope.
The ETH/BTC rebound from key support is promising. However, Ethereum must break past the 0.038 BTC resistance to confirm a lasting trend shift. Until then, this recovery holds potential, but needs more conviction.
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