Bitcoin Dominance Weakens as Alt Season Arrives
Bitcoin’s market dominance dropped below 50% after Ripple’s victory against the SEC, signaling the start of the alt season.
- Bitcoin’s dominance weakened to 39.76% following the SEC lawsuit news.
- The coin’s price finally broke the $31k resistance after a month of consolidation.
- Bitcoin corrected to $31.1k before making another attempt at growth.
- Australia filed its first spot Bitcoin ETF application, following new regulatory guidelines.
- The US SEC acknowledged Bitwise’s spot Bitcoin ETF refiling.
Bitcoin’s Bullish Behavior Faces Bearish Divergence
Analysts are cautious about Bitcoin’s future as a bearish divergence forms on the 4-hour chart.
- The RSI indicator is forming lower highs, suggesting increasing selling pressure.
- Continued bearish divergence could lead to a strong downturn in BTC price.
- RSI breaking resistance and climbing alongside the price could sustain Bitcoin’s bullish behavior.
Hankey Emerges as Popular Meme Coin
Investors are turning to alternative opportunities like Hankey, a meme coin with a successful presale.
- Hankey’s presale sold out within days, attracting attention as a potential investment.
- The project aims to be the “number 1 shit coin” and brings a cheeky side to the crypto world.
- 1 billion tokens were distributed, with 40% sold to investors.
- Hankey’s network launch is eagerly awaited by investors.
Hot Take
As Bitcoin’s dominance weakens and alt season begins, traders should closely monitor Bitcoin’s bearish divergence and the potential for a strong downturn. Meanwhile, the popularity of meme coins like Hankey highlights the search for alternative opportunities in the crypto market.
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