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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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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.
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, $94,646.
- Momentum Indicator: RSI at 57.75 signals mild correction.
Bitcoin appears poised for consolidation as traders monitor macro trends and retracement zones.
Outlook for Christmas 2024
Bitcoin’s dominance aligns with a cautious market phase, but the holiday season could trigger renewed speculation. Historically, December has been pivotal for market sentiment, driven by year-end positioning and institutional activity.
Key levels to watch include:
- Bitcoin Dominance Threshold: A move above 55% could signal continued preference for Bitcoin.
- Ethereum’s Resistance Zone: ETH needs to reclaim 20% dominance to catalyze broader altcoin moves.
- Market Sentiment Indicators: Rising open interest and trading volume in altcoin futures could hint at shifting momentum.
While Bitcoin maintains its foothold, savvy traders will watch for signs of altcoin revival. Christmas 2024 could mark the inflection point in a year dominated by Bitcoin’s ascent.
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Don’t Miss Out: Pepe Unchained ($PEPU) Presale Nears Its End
Pepe Unchained ($PEPU) is making waves in the crypto market, with its presale raising over $40 million and offering investors a unique opportunity to secure tokens before major exchange listings.
Currently priced at $0.01295, this presale offers early adopters the chance to maximize their returns before the price rises further.
With only 20 days remaining, now is the time to act and take advantage of the following key benefits:
Why Invest in $PEPU?
- 499% APY Staking: Generate passive income through the project’s lucrative staking rewards, making $PEPU a standout in the meme coin market.
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A Secure Investment Opportunity
Pepe Unchained has already attracted significant investor confidence, with over $40 million raised during its presale. Its robust staking feature and transparent security audits make it a compelling addition to any crypto portfolio.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
