BTC Dominance Continues It's Down Trend

Assalamu Alaikum friends,

Along with Bitcoin, traders in the crypto market keep an eye on Bitcoin Dominance. Bitcoin dominance plays a big role for alt coins. The price fluctuates widely in the market with bitcoin dominance up and down. So in today's blog, we will know the current status of Bitcoin dominance. So let's get started without delay:-

Bitcoin dominance is currently at its best. It has never been in such a position. This is due to the demand and attraction of investors towards Bitcoin. Currently Bitcoin is performing better than last year. If it can keep up its pace, we could see Bitcoin at $40k+ very soon. And this will be the best achievement of this year.

Now we come back to the main part of this blog. Bitcoin dominance has reached its best position as I said. Bitcoin dominance was around 54%. Which broke all his previous records. But currently it is running in a down trend. And this chart is what I will try to analyze.

^{Screenshots From Binance}

In the chart described above we can see an analysis graph of Bitcoin Dominance. As we can see in this chart, it was once at its best. Which was priced at $2378.9 and is slowly starting to decrease now. The 24-hour low price dropped to $2097.

BTCD has broken its ascending pattern as a 4-hour trade line. Along with this, its RSI candle has turned downward. Also, its volume has started to decline and the buying momentum is almost non-existent. And its MACD has crossed its golden cross. Completing the golden cross provides a signal for the price to go down.

^{Screenshots From TradingView}

That's why I can personally say that Bitcoin Dominance will drop in price / % in a very short period of time. Currently the amount stands at 52.98%.