Bitcoin Dominance Comes to Life After Prolonged Decrease

[waybesuricata]

The Bitcoin Dominance Rate (BTCD) has been decreasing since the beginning of the year and is approaching a crucial support level at 58%.

While the Bitcoin Dominance Rate seems to be bouncing in the short-term, it is expected to eventually fall and gradually decrease towards support levels.

Long-Term Bitcoin Dominance Levels
The weekly chart shows that the Bitcoin Dominance Rate has been moving downwards since reaching the 71.5% resistance area in January 2021. The BTCD has not traded above this level since 2017.

The closest support area is found at 58%, and the next below that is between 52%-54%.

Technical indicators are bearish. The MACD, Stochastic oscillator, and RSI are decreasing — the latter crossing below the 50-line.

Source and continuation of the article:  https://beincrypto.com/bitcoin-dominance-comes-life-prolonged-decrease/

[$crypto$]

There has been a lot of speculation about the bear market plan for bitcoin at the beginning of next month, but this is based on some communities who feel the price of bitcoin is too high due to high adoption in early December until now. After a not-too-long decline, $ 50,000 finally broke through and we still believe that even though a bear market is imminent, $ 100,000 for 2021 is full support. especially after several bitcoin users are currently the topic of conversation in the international media. namely about bitcoin ownership of a large company in Germany that claims a role in holding bitcoin.

[Mexite]

Bitcoin has seen increased adoption in recent times with more support from traditional investors and institutions. Many analysts believe that reduced Bitcoin dominance means more expansion and growth for altcoins but what do you think will happen if the bear market hits?

Will it still reduce because BTC mostly have high dominance during this period?