Bitcoin Dominance Wanes As Ethereum Rallies
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On the technical front, the BTCD metric forms a triple bottom pattern inside the 39.5% support area between May and December 2021. Analysts see this as a bullish pattern and believe it could lead to more upward momentum in the near term.
Meanwhile, Bitcoin is making notable waves in mainstream finance. Thomas Farley, former President of the New York Stock Exchange (NYSE), recently said in an interview on Squawk Box that Bitcoin is “trusted, censorship-resistant, there will only ever be 21 million, and it will have to be part of a portfolio.”
Farley further noted:
“When Bitcoin was at $60,000, you had a lot of institutions on the sideline who were looking and saying, ‘boy, we’d like to invest. We’d like to allocate 1% to 3% of our portfolios, pension funds, for example, but it’s $60,000. It feels toppy, there’s some mania.’ But they’ve done the diligence. They’ve met with their investment committees. And so, as it went down to $17,000, it wasn’t a shock to me that you saw some of those institutions stepping in for the very first time [to] buy Bitcoin for their portfolio.”
Key Bitcoin Levels to Watch — August 16
Bitcoin continued on its bearish descent on Tuesday and has breached the $24K hold-up point. The benchmark cryptocurrency now relies on the mercy of the 4-hour 100 EMA of around $23.6K to sustain it through the week.
As you would imagine, a breach of this final support could open the doors for a freefall toward $22K. Many traders currently nurse hopes to get the cryptocurrency back under the $20K mark and would capitalize on any sustained bearish move to achieve their goal. In the short term, however, the primary cryptocurrency has strayed into oversold conditions, suggesting a sustained fall below the 100 EMA might not materialize anytime soon.
Meanwhile, my resistance levels are at $24,000, $25,000, and $26,000, and my key support levels are at $23,700, $23,000, and $22,000.
Total Market Capitalization: $1.14 trillion
Bitcoin Market Capitalization: $455.5 billion
Bitcoin Dominance: 40.1%
Market Rank: #1
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