Current technical signals suggest a potential shift in Bitcoin dominance. There is also a noted increase in cryptocurrency accumulation among investors and the development of legislative initiatives in the U.S.
Current Bitcoin Dominance Situation
Bitcoin dominance may be approaching a turning point as technical signals indicate a possible bearish shift. Charts shared via TradingView indicate a long-term Elliott Wave count within a descending triangle pattern. The current wave (5) peaked at the upper resistance line, historically indicative of reversals. Fibonacci levels predict key downside targets at 53.86% and 48.6%.
Bitcoin Accumulation Among Investors
According to Glassnode, approximately 196,600 BTC was purchased during the recent price dip, totaling over $23 billion. Accumulation has been increasing since July 6, with significant buying activity evident. A rise in the black trend line representing average cost basis confirms growing investor confidence in higher prices.
Legislative Initiatives in Cryptocurrency
In the U.S., regulatory momentum continues to build with former President Donald Trump endorsing key cryptocurrency legislation. The GENIUS Act is set for a House vote and outlines a federal framework for stablecoins, including asset backing and joint oversight.
Current trends indicate a potential change in Bitcoin dominance in the near future, while growing investor accumulation and new legislative initiatives may impact the market. Investors remain attentive to these developments.
