Bitcoin’s dominance in the cryptocurrency market has surged to 50%, reclaiming a critical threshold not seen consistently since the early stages of 2023. This metric, which measures Bitcoin’s market capitalization relative to the broader crypto ecosystem, reflects Bitcoin’s resilience amid fluctuating market sentiment.
Historically, Bitcoin dominance serves as a barometer for the market’s risk appetite. Higher dominance levels suggest traders are gravitating toward Bitcoin, often regarded as a “safe haven” within the crypto sphere.
Conversely, declining dominance tends to herald the onset of an “altcoin season,” marked by significant price rallies in smaller-cap cryptocurrencies.
As Bitcoin approaches the $100,000 psychological milestone, its dominance underscores the broader market’s cautious optimism.
However, this balance could shift as traders assess macroeconomic trends and evolving narratives in the decentralized finance (DeFi) and Web3 sectors.
Bitcoin Near $98K: Key Technical Levels to Watch
Bitcoin is trading at $98,012, down 0.50% in the past 24 hours. The cryptocurrency maintains its top rank with a circulating supply of 19,786,668 BTC and a live market cap of $1.94 trillion. Despite a slight pullback, its trading volume of $42.3 billion highlights sustained market interest.
On the 4-hour chart, Bitcoin is testing key support at $97,866 (23.6% Fibonacci retracement).
Deeper retracement zones at $96,635 (38.2%) and $94,646 (61.8%) serve as crucial buyer entry points, reinforced by the 50 EMA near $94,602. The RSI stands at 57.75, signaling a cooling in bullish momentum while staying above oversold levels.
Daily Technical Outlook: Bitcoin (BTC) – November 24, 2024
Resistance emerges at $99,855, with potential targets at $101,150 and $102,382. A breakout above these levels could signal renewed upward momentum, while a drop below $96,635 may increase bearish pressure.
Key Insights:
Resistance Levels: $99,855, $101,150, $102,382.
Support Levels: $97,866, $96,635, $94,646.
Momentum Indicator: RSI at 57.75 signals mild correction.
Bitcoin appears poised for consolidation as traders monitor macro trends and retracement zones.
Outlook for Christmas 2024
Bitcoin’s dominance aligns with a cautious market phase, but the holiday season could trigger renewed speculation. Historically, December has been pivotal for market sentiment, driven by year-end positioning and institutional activity.
Key levels to watch include:
Bitcoin Dominance Threshold: A move above 55% could signal continued preference for Bitcoin.
Ethereum’s Resistance Zone: ETH needs to reclaim 20% dominance to catalyze broader altcoin moves.
Market Sentiment Indicators: Rising open interest and trading volume in altcoin futures could hint at shifting momentum.
While Bitcoin maintains its foothold, savvy traders will watch for signs of altcoin revival. Christmas 2024 could mark the inflection point in a year dominated by Bitcoin’s ascent.
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The post Bitcoin Dominance Topped In December Last Cycle – Can Christmas 2024 Start Altcoin Season appeared first on Cryptonews.
