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Bitcoin's dominance is rising, will the price return to $ 7,250?

Bitcoin price analysis on May 31, 2019

The cryptocurrency market on February 27 has plummeted, the price of Bitcoin has fallen below the critical support level, but the king's market dominance index is rising again as altcoins record a drop. significantly reduced.

More than $ 16 billion has evaporated from the market in the past 24 hours. Altcoins are being hit hard, which will help increase Bitcoin's market dominance.

Important support of Bitcoin

Bitcoin fell below the critical support of $ 9,300 last night. At the time of writing, the BTC price is trading around $ 8,800, losing over 4% in 24 hours.

Bitcoin is currently trading below the 50-day moving average as the downtrend accelerates. The biggest red weekly candle since mid-November is currently forming as Bitcoin is struggling to hold this support.

If it fails to sustain this support, it is expected to fall to $ 8,000. A pullback has been predicted, but Bitcoin's return to the $ 8,000 range will wipe out almost all of the profits made so far this year.

The only positive that emerged from this week's struggle is an increase in Bitcoin dominance – which has risen from 62% in mid-February to around 64% today.

Analysts have considered the importance of these figures and called it a bullish test. Analyst DonAlt tweeted that:

“I personally think it is not really relevant, but if it is, isn't this a price increase test?”

Bitcoin dominance reached 70% in December but the price then returned to $ 7,250. However, the total market capitalization at that time was just under 200 billion USD, so nothing really optimistic about this rate.

Impact on Altcoin

Bitcoin's decline this week has had a huge impact on some altcoins, many of which have lost more than 10% today.

The price of Ethereum has dropped nearly 5% on the day to $ 226 and it is likely to fall further as the support level is located at around $ 203.

XRP is even more painful and has now returned to $ 0.236 and wiped out all recent gains. All altcoins on the market in the top 20 witnessed red, except for XTZ (+ 5.9%), LINK (+ 7.4%) and LEO (+ 5.6%).

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According to Tapchibitcoin / BeInCrypto
Recompiled ToiYeuBitcoin

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