{"id":26384,"date":"2023-12-09T13:05:59","date_gmt":"2023-12-09T13:05:59","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-dominance-threatens-likely-top-despite-btc-price-eyeing-45k\/"},"modified":"2023-12-09T13:06:02","modified_gmt":"2023-12-09T13:06:02","slug":"bitcoin-dominance-threatens-likely-top-despite-btc-price-eyeing-45k","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-dominance-threatens-likely-top-despite-btc-price-eyeing-45k\/","title":{"rendered":"Bitcoin dominance threatens \u2018likely top\u2019 despite BTC price eyeing $45K"},"content":{"rendered":"
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Bitcoin (BTC) risks \u201crolling over\u201d to cancel its latest uptrend, new analysis warns as altcoins surge.<\/p>\n

In a post<\/a> on X (formerly Twitter) on Dec. 9, popular analyst and social media commentator Matthew Hyland flipped cautious on BTC price action.<\/p>\n

Bitcoin dominance risks violating key level<\/h2>\n

Bitcoin bulls kept momentum hot into the end of the week\u2019s Wall Street trading as BTC\/USD sealed new 19-month highs of $44,729 on Bitstamp on Dec. 8.<\/p>\n

Data from Cointelegraph Markets Pro and TradingView tracked a subsequent return below the $44,000 mark, with Bitcoin cementing itself in an intraday range.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

For Hyland, however, there are more sinister signs that the bull run may be in trouble after robust 60% gains since the start of October.<\/p>\n

The smoking gun, he says, lies in Bitcoin\u2019s share of the overall crypto market cap.<\/p>\n

\u201cDominance is rolling over as per the bear divergence that was noted. Has given back all the gains from the move up the other day,\u201d he wrote in the X post.<\/p>\n

\u201cIf it breaks and closes below 51.81 it would be the first lower low in over a year and an end to the uptrend, along with a likely top put in.\u201d<\/p><\/blockquote>\n

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Bitcoin crypto market cap dominance annotated chart. Source: Matthew Hyland\/X<\/em><\/figcaption><\/figure>\n

Hyland referred to the recent spike in Bitcoin dominance, which on Dec. 6 hit 55.26% \u2014 its highest level since April 2021. A swift turnaround saw upside progress unwind, with dominance at 53.4% at the time of writing.<\/p>\n

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Bitcoin crypto market cap dominance 1-week chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Altcoins extend intraday gains<\/h2>\n

Others believe that such a dominance reversal will allow altcoins to commence a major rally of their own \u2014 a phenomenon commonly known as \u201caltseason.\u201d<\/p>\n

Related:\u00a0Price analysis 12\/8: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, MATIC<\/em><\/strong><\/p>\n

This looked to be in motion already on the day, with the top 10 cryptocurrencies by market cap led by Cardano (ADA) and Avalanche (AVAX), which both gained 22% in 24 hours.<\/p>\n

Only the largest altcoin, Ether (ETH), was treading water while still being up 12% over the past seven days. ADA and AVAX also constituted the week\u2019s leaders, with gains passing 50%.<\/p>\n

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ETH\/USD 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

\u201cA 2% drop in bitcoin dominance and alts went nuts today,\u201d popular trader Jacob Canfield told<\/a> X subscribers in part of commentary on Dec. 6.<\/p>\n

\u201cLike I said, it\u2019s just a taste. When dominance really starts dropping is when we see the face melting alt season we all know and love.\u201d<\/p><\/blockquote>\n

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Altcoin market cap 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

The total altcoin market cap was up 2.4% on the day, with December\u2019s month-to-date gains at 18.4%.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n