Bitcoin Dominance metric has been rising since September 2022. Each strong move upward on Bitcoin was accompanied by a rise in this metric, which highlighted the fact that capital flow was likely directed toward BTC in the market. Above the resistance at $32k, the next significant resistance lay at $37.5k-$38k. Back in May 2022, BTC crashed straight below $38k to end up at the $30k support, which supported the idea that significant resistance might not impede BTC bulls on the way up to $38k.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.dominance metric has been rising since September 2022. Each strong move upward on Bitcoin was accompanied by a rise in this metric, which highlighted the fact that capital flow was likely directed toward BTC in the market.If this were the case, a breakout past $30k meant BTC bulls could make large gains in the coming weeks.
To the north, the $32k area was highlighted in red to show a daily bearish order block. Above that, the next significant resistance lay at $37.5k-$38k.
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