Bitcoin confirmed a breakout above the bull flag pattern, establishing $120,019 as a critical support level for further upside movement.
Bitcoin dominance fell from 65% to 59% over two months as traders rotated into altcoins showing stronger short-term gains.
Ethereum surged past key resistance to $4,685, prompting Standard Chartered to lift its 2025 target from $4,000 to $7,500.
Bitcoin has secured a daily close above the bull flag formation on its price chart, a technical pattern often viewed as a continuation signal during upward trends. Market analyst Rekt Capital highlighted the breakout, noting that BTC successfully retested the flag structure as new support at $120,019. This confirmation strengthens the outlook for a potential move toward fresh all-time highs.
Bitcoin’s price has rebounded from otherwise lows as low as $118,000 earlier in the week. Bitcoin grew by 1.08% yesterday and ranged from 120,307 dollars. Although an upward movement is gentle, the upward stability on the fresh support level indicates the tested upturn in sentiment following lower price swings.
Decline in Bitcoin Dominance
Despite the upward price movement, Bitcoin’s market dominance has declined. Data from Glassnode shows dominance dropping from 65% to 59% over the past two months. Analysts link this shift to growing investor interest in altcoins, reflecting a rotation of capital into other digital assets during a broader risk-on phase in the market.
Ethereum, the largest altcoin by market capitalization, broke through a major resistance zone and climbed 6.34% in the past day to reach $4,685. In response to its performance, Standard Chartered revised its 2025 price forecast for ETH to $7,500 from the earlier $4,000 projection.
Broader Altcoin Rally
Other major altcoins have also advanced in the same period. XRP recorded a 3.2% rise, Binance Coin increased 5.6%, and Solana posted a double-digit gain of 13.7%. The broad-based altcoin strength has been a key factor in reducing Bitcoin’s dominance, with several top assets outperforming BTC on shorter timeframes.
The confirmation of Bitcoin’s bull flag breakout alongside a drop in dominance suggests shifting momentum in the crypto market. The combination of strong altcoin rallies and technical support for BTC has set the stage for potentially higher volatility in the coming sessions.
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