The Crypto Space is Experiencing a Bullish Move
The Bitcoin price is currently hovering around the resistance level of $30,800, indicating the possibility of ending the month on a bullish note. This is leading to a shift in trending patterns within the crypto space, with altcoins showing a significant upswing and the dominance of Bitcoin slowly declining. Here are the key points:
– Bitcoin dominance has been rising since the beginning of the month, reaching levels not seen since May 2021.
– Despite the rise in dominance, the current trend is bullish, unlike the bearish trend seen in May.
– The dominance is expected to remain between 50% and 52%, which could benefit altcoins in gaining profits.
– While altcoins are displaying bullish momentum, the total market cap excluding Bitcoin is flashing bearish signals.
– Although there is no confirmation of a bearish divergence yet, bears are present in the market.
In conclusion, while altcoins are currently bullish, it may only be for a short period of time as the bears could soon regain control. It is an interesting time in the crypto space, with the potential for a shift towards an Altseason.
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