Bitcoin dominance was stuck under 48% for over 2 years, and broke free of that range about a month ago.
Now we are seeing BTC.D coming back to touch that range, and I am cautious of this to be a bullish retest. But if this is a bullish retest for BTC.D, it is not necessarily bullish for the entire market. This could initiated another bullish move where BTC gets more positive price action than altcoins, or it could initiate a major market pullback where we see altcoins drop quickly.
So while the chart looks bullish for BTC.D, it does not necessarily mean bullish for the market as a whole.
Bitcoin dominance was stuck under 48% for over 2 years, and broke free of that range about a month ago.
Now we are seeing BTC.D coming back to touch that range, and I am cautious of this to be a bullish retest. But if this is a bullish retest for BTC.D, it is not necessarily bullish for the entire market. This could initiated another bullish move where BTC gets more positive price action than altcoins, or it could initiate a major market pullback where we see altcoins drop quickly.
So while the chart looks bullish for BTC.D, it does not necessarily mean bullish for the market as a whole.