Bitcoin continues its strong upward trajectory, maintaining its position in the market despite bearish pressures.
Current Bitcoin Price Dynamics
Bitcoin has set a new all-time high, exceeding $94,000. Currently, the price holds above $92,500, paving the way for a potential rise to $100,000. Recent weeks have shown similarities with last November's price actions, where BTC increased without significant dips.
Chart Analysis and Market Signals
Analysis of the weekly chart shows that the price started moving upward after breaking a consolidation phase since February. The MACD oscillator underwent a crossover in October, and the buy signal suggests fresh liquidity could enter soon. Despite numerous sell orders, buy orders keep the uptrend intact.
Bitcoin Dominance and Its Impact on Altcoins
The rise in Bitcoin's dominance leaves other altcoins within a range. Traders view Bitcoin as a safer option, maintaining the bullish trend until a dominance breakdown occurs.
Bitcoin continues to dominate the cryptocurrency market, drawing traders' attention with its resilience and potential for reaching new highs. Its influence over altcoins remains significant, impacting their future development.
