Bitcoin Dominance (BTCD) Continues Descent Toward New Lows

[RSRS]

The bitcoin dominance rate (BTCD) has been following a descending resistance line since Jan. 4. Most recently, it was rejected by the line on June 30.

Technical indicators and the trend movement support a continued decrease toward new lows.

Bitcoin dominance descending resistance line
BTCD has been moving downwards since Jan. 3, when it reached a local high of 73.63%. So far, it has touched the line multiple times, most recently on June 27.

Technical indicators are bearish. The MACD histogram is almost negative, the RSI has crossed below 50, and the Stochastic oscillator has made a bearish cross (red icon).

Therefore, a breakout from this line seems unlikely.

For a longer-term outlook, click here.


BTCD Chart By TradingView
Cryptocurrency trader @Damskotrades outlined a BTCD chart, stating that a decrease towards the 42% area would be likely. This is in line with the reading from the daily time frame.



Sourch

[Senin]

Bitcoin's price dominance is not steadily declining. Like its price, the percentage of its dominance in the market either rises or falls, although these two indicators are also not directly related to each other. So, on June 23 and 28, I see that the dominance of bitcoin has risen to 47 percent, and now it is 44.3 percent. This is an indicator of where investors are investing their capital more - bitcoin or altcoins. Given that altcoins are developing much faster, it is quite logical that the level of dominance of bitcoin will gradually fall and one day it will give up its place of the leader. It is possible that Bitcoin will soon surpass the level of dominance from the Ethereum coin.