Despite one of the largest heists in Web3 history rocking the cryptocurrency industry on Thursday, the cryptocurrency market gained some momentum. largest cryptocurrency by market cap.

The bitcoin price has cleared some critical hurdles in the last two weeks. This move will almost certainly result in another round of consolidation, allowing altcoins to rally.

Is $44,600 a crucial level for BTC?

Bitcoin could be on its way to $58K in the coming weeks, according to Bitcoinsensus, as it breaks through the symmetrical triangle resistance levels and the $45.5K support range. On shorter time frames, the uptrend appears to be strong and has good volume.

Currently, the price is trying to drop below $46,700. It is the zone that has held the price stable for the past three days, and a break below it could signal a slight drop in Bitcoin. In that case, the $44,600 level will be the next milestone to watch for Bitcoin.

The $44,600 level is significant as it has served as a strong resistance level. This modest correction may be beneficial to price action. Bitcoin may gain liquidity at $44,600 and then recover to break above the $48,100 barrier level.

At the time of writing, Bitcoin is trading at $46,627.09 and is down one percent.

On the other hand..

On the other hand, according to Coindesk, Bitcoin’s market capitalization as a percentage of the total crypto market capitalization, or “dominance index,” has fallen below its 50-day moving average, indicating that altcoins are starting to rally. have superior performance.

After a sharp drop last year, the dominance ratio is gradually stabilizing. BTC dominance hovers around the base of about 40%, which is higher than the last low of 35% in 2018.

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