After the severe fall, Bitcoin digests. The fall of Bitcoin has led to numerous liquidations. In total, the cryptocurrency market recorded no less than $1 billion in liquidation in 24 hours. The Coinglass site notifies more than 500 million Bitcoin liquidations. After the BTC tumble, the price tries to stabilize around $26,000.
Bitcoin price drops 2.3% in 24 hours
BTC continues tochain the days in the red. Indeed, the bitcoin price 2.3% drop in 24 hours :
In one week the BTC drops more than 12%. Within a month, the course fall of more than 14%. The BTC/ETH pair drop of nearly 1% in 24 hoursand of 2.7% in one week.
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Despite the fall, Bitcoin dominance is falling
The dominance of Bitcoin is interesting because it gives information regarding the capital management. If the dominance rises, Bitcoin captures capitalwhereas if the dominance falls, altcoins benefit from capital turnover. Since the end of 2022, Bitcoin has captured capital and altcoins have struggled to express themselves. However, the recent downfall has also made drop BTC dominance :
The course of Bitcoin dominance is in the process of fall below the last marked low at 49.5%. If the close is confirmed below this level, the price would change dynamics for the first time in several months. Therefore, a return to the level of 47% support of dominance is possible. Dominance can bounce back and save the close, and in that case, the price could go back to the level of the last peak marked at 52.2%. The RSI also seems confirm shortness of breath with the drop below the last trough at 50.
Bitcoin price must hold the support level at $26,000
In its fall, the price of BTC found buyers at the level of the bracket at $26,000. The course must maintain this support, and bounce back :
In the event of a rebound, the price could return to the level of the resistance around $26,700. The course will face the resistance, and a bearish institutional bias (EMA 9/EMA 18). On the other hand, if the price loses the bracket at $26,000the price could return to the level of the next bracket at $25,000. The RSI is in oversold zonehe will have to find a bullish momentum so that the buyers regain momentum short term.
Bitcoin price fell sharply back to $25,000. During this kind of movement, the dominance of Bitcoin tends to increase. This time around, the dominance has also dropped, and this shows that BTC is losing its luster. Bitcoin price must hold the $26,000 level to avoid falling back to the next support level at $25,000.
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