The cryptocurrency market is undergoing a great change as the dominance of Bitcoin (BTC) is steadily falling. This highlights a potential point to the beginning of a time period dedicated to altcoins.
With investors showing more interest in the altcoins instead of the leading crypto, the change occurs in the context of a slowdown of the market, and as the trading volumes also decrease, collectively suggesting a weak action for the Bitcoin chart. Will BTC price make a comeback or is a correction imminent? Find out the latest possible Bitcoin price prediction today.
Bitcoin Dominance Loses Momentum
As per the latest data, the Bitcoin dominance (BTC.D) is breaking below the ascending channel in the daily frame, suggesting a shift toward the altcoin market. The chart displays a constant drop for 5 days, resulting in the dominance dropping to 64.82%. This trend suggests a crucial watch period in the market as the dynamics are now changing toward the next phase.
Additionally, there has been a drop in the trading volume. This technical analysis shows the interest among the investors for buying and selling Bitcoin compared to other cryptocurrencies is steadily dropping. If the trend continues, it can act as a catalyst for an altcoin season within the next few weeks.
Bitcoin Network Hashrate Drops In June
During the month of June, the Bitcoin network hashrate declined by almost 3%. The prime reason for this drop was considered to be the seasonal weather-related geographics. Increased power cuts were recorded during this period.
However, there was a positive change in the mining profitability as the average daily revenue on block rewards per EH/s was equal to $55,300 or 7% increase compared to April.
Will BTC Price Rise Again?
The Bitcoin price has repeatedly failed to break out of its crucial watch zone around the $109,500 mark, highlighting a strong selling point around that level. This has resulted in BTC experiencing a sideways price action for about seven days.
The technical indicators, RSI & MACD have both recorded a positive but stable trend action over the past few days. This indicates a weak market activity around BTC price.
A breakout from its important resistance zone of around $109,500 could result in the Bitcoin price retesting its high of $111,970 shortly. Conversely, a bearish action may lead to it retesting its low of $109,100 or $107,310 respectively.
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