An analysis of the current state of the Bitcoin market indicates a possible reversal in dominance and a potential price breakout. Experts consider key support and resistance levels.
Possible Reversal of Bitcoin Dominance
Recent research from EGRAG CRYPTO suggests that Bitcoin dominance may face a correction after a prolonged rise. A significant bearish formation has been observed on the chart, indicating upcoming volatility. The expected support level is around 35.50%, marked as a key zone.
Price Breakout Outlook for Bitcoin
Analyst Michaël van de Poppe stated that a breakout above $108,924 is crucial for initiating new bullish momentum for Bitcoin. He highlighted that this resistance zone has historically contributed to increased volatility and price action.
Analysts' Warnings
Van de Poppe pointed out the importance of monitoring the $103,000–$104,000 level closely. He warned that a drop below $103,000 could create a false breakout signal before the market begins a new rally.
In conclusion, Bitcoin's dominance may be on the verge of changes, and it is essential to keep a close watch on key levels that could influence future trends in the cryptocurrency market.
