#BTCPrediction
trade now . . ๐๐๐ฏ๐ฏ๐ค๐คโคโค๐ค
$107๐ ๐๐ง $135๐, ๐๐๐๐ฉโ๐จ ๐๐๐ญ๐ฉ ๐๐ค๐ง ๐ฝ๐๐ฉ๐๐ค๐๐ฃ ๐๐ง๐๐๐ ๐๐จ ๐ฝ๐๐พ ๐ฟ๐ค๐ข๐๐ฃ๐๐ฃ๐๐ ๐ผ๐ฅ๐ฅ๐ง๐ค๐๐๐๐๐จ 2020 ๐๐๐จ๐๐จ๐ฉ๐๐ฃ๐๐
Bitcoin price edged higher on July 10, as it created a fresh record high at $111,999 as interest towards risk assets surged due to optimism about Fed rate cuts happening this year. Following these gains, Bitcoinโs market cap dominance has reached 65%, and it is testing the same resistance level it did in 2020 before a major breakout.
A lot of interest is going towards Bitcoin as most traders become profitable following the recent formation of an all-time high price. As CoinGape reported, the ongoing BTC rally comes as the market looks forward to interest rate cuts in 2025 and the upcoming debate on the CLARITY Act that will pave the way for more friendly crypto regulations in the US.
Due to this surge, the market cap of BTC has surged to $2.21 trillion at press time per CoinMarketCap data, and this has seen its dominance in the crypto market also increase significantly. At press time, this dominance was at 65.38%, which was sitting at a strong resistance level.
Overcoming this resistance level also led to an increase in the BTC price by 36% from $19,000 to $26,000 towards the end of 2020. In case history repeats itself and Bitcoin records the same gains, a 12% increase will take it to $124,000.
The rising RSI gives room for Bitcoin price to make more gains because of its value of 62, which is showing that the bullish momentum is significantly strong and there is still room for the coin to make more gains as it is not yet overbought.
To sum up, BTC price is rising, and this is also causing its dominance to sit at multi-year highs, where it is facing strong resistance. Unless there is a shift in buying habits and more traders are willing to buy BTC at all-time highs, there is a risk of a correction to $107,000 happening.
