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Altcoins on the Verge of a Major Correction as Bitcoin Dominance Surges

2024-05-07 11:30 43

The post Altcoins on the Verge of a Major Correction as Bitcoin Dominance Surges appeared first on Coinpedia Fintech News

The global cryptocurrency market is buzzing with anticipation as Bitcoin dominance approaches the critical 50% resistance level. With this pivotal moment looming, market experts are predicting a potential bloodbath for Altcoins, while astute investors eagerly seek out opportunities to maximize their gains in the upcoming bull market. 

Understanding the technical indicators and recent market movements provides essential insights into the possible outcome of this monumental event. Read on for more details!

Bitcoin Market Analysis 

Bitcoin, the largest and most renowned cryptocurrency, currently holds a market cap of $484 billion. Over the last 24 hours, Bitcoin’s value has experienced a slight decrease of 3.75%, reflecting a BTC live price of $25,012.90 per BTC. Various technical indicators further indicate the potential for increased market volatility.

The Relative Strength Index (RSI) stands at 35, showing a bearish sentiment, while the Stochastic %K indicates oversold conditions at 14. The Commodity Channel Index (CCI) is at -167, suggesting a strong downward pressure on prices. These indicators, coupled with others, present a cautious outlook for Bitcoin in the short term.

Altcoins’ Fate Hangs in the Balance

Altcoins, the alternative cryptocurrencies to Bitcoin, face an uncertain future as Bitcoin dominance approaches the critical 50% resistance level. A crypto enthusiast highlights the possibility of a bloodbath for altcoins should Bitcoin successfully break this resistance.

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