Bitcoin (BTC) dominance appears poised for further decline, with multiple technical signals aligning to support a bearish continuation.
According to pseudonymous crypto analyst Master Ananda, Bitcoin’s recent breakdown from a long-term uptrend, accompanied by the highest weekly volume since February 2021, suggests a potential altcoin resurgence reminiscent of the early stages of the last major bull run, he said in a TradingView post on July 23.
Bitcoin price analysis chart. Source: TradingView
The Bitcoin Dominance Index currently sits at 61.42%, following a sharp rejection at the 64.35% level, which has emerged as strong resistance on the weekly chart.
The failed breakout attempt left behind a notable bearish engulfing candle, indicating weakening momentum in BTC’s relative strength versus the broader crypto market.
Bitcoin dominance now hovers just above key Fibonacci levels at 61.65% and 60.30%. Failure to reclaim former support, now acting as resistance, reinforces
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