👀🚀 The Bitcoin Dominance Index (BTC.D) is facing rejection from a strong resistance zone!
After reaching a level of 66%, the dominance index was unable to break through this historical area, which has always been a solid wall against continuous upward movement. This failure to break through recalls previous scenarios we witnessed in 2018 and 2021, where alternative currencies surged strongly, creating momentum in the market and drawing attention away from Bitcoin. 🔄
🔍 Currently, the index shows clear signs of retreat, raising questions about the next destination. If this trend continues, it may retreat towards nearby support levels at 58%, and could drop further to a deeper support area ranging from 54% to 40%, which were pivotal levels in previous liquidity flow changes, indicating the potential for significant market shifts.
🚨 A decrease in Bitcoin dominance does not indicate weakness, but may be a sign of a shift in market focus towards alternative currency projects, paving the way for a potential breakout in these projects if the current trend continues.
