Are the bears regaining control? – Some mainstream media continue to go after Binance. Indeed, they accuse the exchange platform of mixing the funds of its customers with those of the company. At the same time, the price of Bitcoin seems to be waking up, the price falling by more than 4% in 24 hours. Are sellers taking back control? A return to $25,000 is not to be ruled out…
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Bitcoin price drops 4.4% in 24 hours
Finally a bit of volatility on the course of Bitcoin, unfortunately, it is about downside volatility. Indeed, the BTC stumbles and shows a drop of 4.4% in 24 hours :
Now, the price is showing a fall of more than 2% in seven daysand over 5% in one month. However, BTC has remained in the green for six months. The BTC/ETH Pair Falls Nearly1% in 24 hoursEthereum remains strong during this fall.
Bitcoin dominance remains in limbo
There dominance of Bitcoin helps to know where capital is going. If dominance rises, capital flows into BTC. On the other hand, if dominance drops, capital flows into altcoins. Here is the chart of Bitcoin dominance:
In a few months, the dominance of Bitcoin went from 40% To 49%. However, for several weeks, the course stagnates. If the price falls below the last low at 46.9%altcoins may well take advantage of capital rotation. On the other hand, if the price rises again and closes above 48.9%altcoins could continue to suffer.
For its part, the RSI marks a divergence relative to the course. Also, the RSI slips below the bullish trendline. If the RSI does not rebound quickly, it could mark a end of trendand altcoins could benefit.
Is Bitcoin Price Breaking Support at $26,700
On May 12, the course marked a first DETOUR below the bracket at $26,700. The course is again in the process of drop below support at $26,700 :
If the buyers show up quickly, the price could go back to the level of the resistance at $27,500 and mark a new diversion. On the other hand, if the price blocks at $26,700the price could quickly reach the bracket at $25,000. For the moment, the price is unable to regain momentum with bottoms and rising tops on the other side of the bearish trendline. As long as this is the case, the price will remain fragile. For its part, the RSI could bounce at the level of bullish trendline to keep the bracket at $26,700.
The dominance of Bitcoin remains indecisive, the price would have to fall below the last low of 46.9% for the altcoins to finally be able to express themselves. Bitcoin price drops more than 4% in 24 hours, sellers try to regain control. Buyers would need to react quickly to retake the support at $26,700. Otherwise, the price could drop to $25,000.
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