Bitcoin Dominance Hits Channel Floor – Altcoin Storm Incoming?
Market Cap BTC Dominance, % CRYPTOCAP:BTC.D
Bitcoin dominance has been sliding within a well-structured descending channel since early August. Now, it’s touching the channel’s lower boundary — a level that has previously sparked strong reversals.
A bounce from here could ignite a short-term uptrend in BTC dominance, targeting the channel’s midline and possibly its upper boundary.
If this happens, capital is likely to rotate back into Bitcoin, applying pressure on altcoins and triggering a corrective phase in the broader altcoin market.
Key Takeaway: Watch for bullish price action at the channel’s floor. A confirmed breakout in dominance could mark the start of an “altcoin cooldown” phase.
source https://www.tradingview.com/chart/BTC.D/D1D8QRJo-Bitcoin-Dominance-Hits-Channel-Floor-Altcoin-Storm-Incoming/
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