Bitcoin Expecting Huge Move After Struggling At $34K While Altcoins Enjoy Decreasing BTC Dominance (Market Watch)



Bitcoin’s negative spiral continued in the past 24 hours as the asset dipped beneath $33,500. Most altcoins have also lost some steam, and the cryptocurrency market cap struggles with maintaining above the coveted $1 trillion level.

Bitcoin Dips To $33,500

Ever since bitcoin failed at breaching above $38,000 on Tuesday, the cryptocurrency has been gradually decreasing in value.

As reported yesterday, BTC’s decline took the asset to $35,000. The bears didn’t allow a major recovery and pushed it even further south.

This time, the low came at $33,400 (on Bitstamp). Although BTC has bounced off and currently trades above $34,500, the asset is still down by 3% on a 24-hour scale and more than 8% in a week.

From a technical perspective, BTC has to overcome the first resistance at $34,800 before potentially challenging the following ones at $36,000, $36,700, and $38,000 to resume its bull run.

On the other hand, the support levels situated at $34,000, $33,133, and $32,500 could assist if another price breakdown arrives.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Fight For $1T Market Cap

Most alternative coins have also failed to mark serious gains since yesterday. Ethereum has dipped by another 4% to $1,315 just a couple of days after ETH spiked to a new all-time high above $1,430.

Bitcoin Cash has declined by over 5% in a day. As a result, BCH has dipped to $480 while it traded north of $500 until yesterday.

Binance Coin (-1.5%), Ripple (-2%), and Litecoin (-5.5%) are also in the red from the top ten. Chainlink and Cardano have remained relatively steady without any major moves in either direction.

Polkadot is the best performer, with a 4.5% increase to $16.7. Nevertheless, DOT is down by about 20% since its all-time high registered earlier this week above $19.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Ocean Protocol (-13%), Ampleforth (-10%), NXM (-10%), Zcash (-8%), Dash (-7%), and Compound (-7%) have also lost substantial chunks of value.

In contrast, ICON (28%), Curve Dao Token (17%), Celo (17%), Hedera Hashgraph (10%), and OKB (9%) have gained the most.

Ultimately, the crypto market cap has remained slightly above the $1 trillion mark, but it has declined by more than $70 billion in two days.

Additionally, BTC’s inability to resume its bull run has caused the asset some of its dominance. The metric comparing bitcoin’s market cap to all altcoins has declined by 5% in a week to 64.9%.

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Cryptocurrency charts by TradingView.


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