The struggle in the BTC market does not stop for a minute. Market participants are in suspense as the BTC price is still in consolidation. Passive actions of buyers scare and make us wonder whether the critical range of $52,650-53,350 can stand it. We wrote about this range in the previous article two days ago.
Now sellers are trying to take this price zone under their control for the fourth time in order to continue falling in the BTC market with a target of $46,000-47,000.
If we look at the daily timeframe, we see that the falling impulse, which sellers used to break the black wedge, has not even started a correction yet.
Local buyers’ support zone of $55,000-55,700 is lost
Yesterday’s daily candle broke the local protection of buyers in the range of $55,000-55,700. Sellers try to prevent the price from rebound upwards so as not to lose the initiative. However, it is worth remembering that the spectacular fall wave, which began on 18 April, was successful only due to the triggering of a large number of buyers’ stop orders. This effect took almost 2 trading months within the consolidation wedge. Bitcoin price stop for 3 days will not be enough for such an impulse to be repeated. In addition, trading volumes are decreasing daily, which indicates the weakness of sellers in this range. Therefore, while the critical range of $52,650-53,350 is under the rule of buyers, we adhere to the scenario of a local increase in the BTC price to $60,000-61000.
The local situation in the BTC market on the verge of an upward reversal
On the hourly timeframe, the situation looks even more acute:
As we can see from the chart, from 18 April, sellers are trying to smoothly and effortlessly push through the critical range of $52,650-53,350 in volumes. At the same time, they skillfully keep the white curved line, which serves as a trend line. If during the day buyers fail to break this line up, then sellers are likely to push through the critical range at the same rate and continue the fall wave.
Reducing the impact of BTC on the crypto market and the chance for altcoins
If you look at the BTC dominance in the crypto market, then its indicator continues to fall:
On the chart, we see that the BTC dominance decreases both on the BTCUSDT growth and on its fall. In addition, the USDT dominance chart does not increase, which means the transfer of capital to altcoins. It seems that investors are investing their BTC in other projects. Therefore, the probability of the continued consolidation of the BTC market is quite high. And it is this kind of consolidation that can give new life to other coins.