- Bitcoin price continues to trend towards $8,000 in spite of the fall in the dominance rate.
- Bitcoin halving is associated with heightened volatility before and after the process; post halving predictions go beyond $10,000.
Bitcoin dominance rate has taken a hit after rising to 67.99% (vital resistance zone) on March 9. However, a sharp drop followed resulting in a leaner Bitcoin dominance rate. At the time of writing, Bitcoin dominance stands at 64.7%. This shows that altcoins have been performing relatively well against Bitcoin. According to a cryptocurrency trader @FeraSY1, Bitcoin dominance is set to test key levels at 61 and 53 respectively.
— Feras_Y (@FeraSY1) April 8, 2020
In spite of the falling BTC dominance rate, BTC/USD has been performing exceedingly well in comparison to the altcoins. The recent surge towards $7,500 confirmed the return of the bulls into the market following the fall under $4,000 on March 12. Most altcoins are still heavily correlated to Bitcoin price including Ethereum, Litecoin and Bitcoin Cash.
Bitcoin Price Technical Picture
BTC/USD is trading at $7,278 at the time of writing. An ongoing bearish momentum risks testing the support at $7,200. Besides, the RSI retreat from the overbought (above 70) hints that sellers could keep on gaining traction against the buyers. On the upside, $7,300 is the immediate resistance. The movement towards the critical $7,400 level must be strong enough to break the resistance at $7,500 in order to pave the way for gains towards $8,000.
BTC/USD 4-hour chart
Bitcoin is barely a month away from its third mining reward halving event…