Bitcoin dominance points south, overall market is not coming

While Bitcoin hovers below $ 10,000, the number of wallets has risen to more than 100 BTC.Data aggregator Santiment found that over 43 new crypto wallets have increased their Bitcoin token holdings to over a hundred in the past five days. That’s equivalent to nearly 16,000 Bitcoin addresses owned by more than $ 17.75 million, measured at the current BTC / USD exchange rate.

Total market cap is not coming off this week, trading almost unchanged at $ 271 billion. Volatility was just over six percentage points this week. The central resistance at $ 281 billion (61 Fibonacci retracement + trend channel top) still cannot be overcome.

 

Bullishes scenario

Only when the bulls manage to let the market as a whole break out dynamically above the trend channel upper end is the medium-term price target at $ 305 billion likely to start. Only with the support of a bullish key currency could a retest of the pink horizontal resistance line at $ 314 billion be imagined.

 

Bearishes scenario

If, on the other hand, the capitalization of the overall market slips back below the EMA10 (yellow) and EMA20 (red) at the daily closing price, the first price target comes back in view of the $ 257 billion. With this support, a start of the $ 246 billion and the trend channel bottom edge at $ 237 billion is planned. If the weakness in the overall market worsens, a retest of the EMA200 (blue) at $ 230 billion is realistic.