After a sharp decline, Bitcoin [BTC] dominance started to increase in the last few days as altcoins' prices dwindle
BTC’s price might plummet to 61k before turning bullish.dominance started to increase in the last few days. The recent rise in Bitcoin dominance was not a result of a BTC bull rally but rather a consequence of altcoins turning bearish.
In fact, in the last 24 hours alone, BTC was down by 2%. At press time, it was trading at $62,369.67, with a market capitalization of over $1.22 trillion., also witnessed price corrections. Additionally, its net deposit on exchanges was also low compared to the last seven-day average. A look at CryptoQuant’sSource: CryptoQuant
As per our analysis, BTC’s Chaikin Money Flow registered an uptick and at press time had a value of 0.08.
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