For almost three months, bitcoin has been consolidating around the $1 trillion market capitalization plateau, which is a very healthy development in a bitcoin bull market. The Bitcoin price had struggled after hitting an all-time high of $64,900 on the 19th due to the threat of increased regulation and taxation.
IncomeSharks, an anonymous trader, has set support at $53,000, with $59,000 as an initial price target, which BTC has reached. However, there continues to be a lot of selling pressure on that label, with a lot of retail investors still driving the market action.
Trader Pentoshi predicts that BTC’s price will gain enough traction in the coming days to crack resistance, to the detriment of altcoins. After falling below 50%, Bitcoin’s dominance could recover in the short term, according to the trader:
Willy Woo, an analyst, agrees with this theory and expects a capital shift from altcoins to BTC in the near future. BTC’s dominance has reached a region of “extreme likelihood” for a pattern reversal, as seen below, as Woo predicted.
Several BTC signs are pointing to a price increase. Bitcoin’s supply owned by companies with 100-1,000 BTC, according to analyst William Clement, resembles a time of consolidation in January.
The metric had almost no oscillation at this point until it increased. BTC’s price began to rise and reached new all-time highs at the same time. The chart appears to be identical, as seen below.
The funding rate in the BTC derivatives market fluctuate a lot in April across all exchange platforms. May, on the other hand, has been more competitive for this market, with funding rates hovering about 0.05 percent, indicating a “healthier” price action.
Bitcoin has regained the $50,000 high-water mark. Meanwhile, indicators are turning bullish, indicating that the cryptocurrency is poised for another surge into uncharted territories. BTC is currently trading at $58962 at the time of publishing.