Bitcoin Dominance (BTCD) Drops to Lowest Levels Since 2018

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The bitcoin dominance rate (BTCD) has broken down from a long-term support area and reached levels not seen since 2018.
Despite some bullish signs in the short term, the BTCD is likely still mired in a bearish long-term trend. A continued decrease is likely.
The BTCD has been decreasing since December 2020, when it reached a local high of 71.30%.
At the beginning of April, it fell below the 57.75  area. This is a level that previously acted as support since April 2019. Now, it’s likely to act as resistance.
While there appeared to be support at 53% (dashed line), the BTCD has fallen below it. When looking at closing percentages, the lowest close in 2018 was 53.35%. On the other hand, last week’s close was at 52.45%, signifying a breakdown.
The next support level is found at 49.75%. It’s both a horizontal support level and the 0.618 Fib retracement of the entire previous upward movement. Source