What Is Bitcoin and Bitcoin Dominance Data?

With the continuation of the Russia-Ukraine crisis process and the rhetoric of the details of the crypto-related executive order of the US President Joe Biden the other day, the price of Bitcoin increased from $ 40,000.

In addition, US Treasury Secretary Janet Yellen made statements about new decisions regarding cryptocurrencies. With the effect of the investor and consumer protective discourse and the details about other decisions, yesterday, BTC reached the level of $ 42,000 from $ 40,000.

In addition, when we look at the Bitcoin Dominance data, which shows us that the percentage value of the money in the whole market is in Bitcoin in the light of technical data;

BTC.D value, which created support with the regression to 40 and 39 levels with the big decline in November, rose again to 44 levels by getting a reaction from this region.

Until it reached this level, there was again a suppression in some altcoins. If there is an exit above this level, there may be the possibility of troubled periods for altcoins. For this reason, it would be healthy for BTC.D to balance the market without making any drastic moves between the specified intermediate levels.

On the other hand, when we look at the BTC chart, it managed to rise above the $39,500 and $40,000 resistance levels, but it could not hold above the $42,600 resistance area and was rejected at this level.

At the same time, a symmetrical triangle structure formed by the buyers and sellers in the balance between the $ 45,800 and $ 34,400 from February.

In the event that this structure breaks down, pullbacks to the lower support areas can be observed with a candle close below the $36,000 and $37,000 support levels. In order for us to see an uptrend, it may be possible to talk about the uptrend if the two falling top regions ($44,000 and $45,000) that were formed before remain on it, along with the voluminous breakout.

I think that with the announcement of the FED’s interest rate decision, which will guide the markets in the next 15 -16 March, it will play a big role in determining the direction and seeing the effect on prices, with the removal of uncertainty in both macro and micro economics.

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