Summary
- It analyzed that Bitcoin dominance reversed downward at 66% and lost the long-term uptrend.
- It said the likelihood of dominance rebreaking above 71% has greatly weakened.
- It said that if the 57.68% support level breaks, a full-fledged altcoin bull market could begin.
Analysis says Bitcoin dominance reversed downward at the 66% level, losing the long-term uptrend (Macro Uptrend).
On the 11th (local time), a RectCapital virtual asset (cryptocurrency) analyst said on X, "Bitcoin dominance reversed downward at the 66% level, losing the long-term uptrend. Accordingly, the likelihood that dominance will attempt to rebreak above 71% has greatly weakened."
He added, "This decline may have put Bitcoin dominance into a new long-term downtrend (Macro Downtrend)," and "The focus going forward is whether the 57.68% support level (green area) holds. If this level also breaks, the likelihood of a full-fledged altcoin bull market, i.e., the beginning of an altseason (Altseason), increases."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
