BTC Technical Analysis: Risk Of Collapse To The Mark Of $30,000
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The new trading week began with the Bitcoin price growth. Therefore, to expect this week buyers' attempts to test the $42,000 mark - the scenario is quite likely. To fully confirm the weakness of buyers, the BTC price should grow gradually to $42,000 in 2-3 weeks. This will express the complete disinterest of buyers to start a serious increase in this price range.
Technical Analysis Of BTC On The Daily Timeframe
Analyzing the price movement on the daily timeframe, we can see the main support of buyers, which started the local growth wave on 24 January. The liquidity is concentrated in the $36,000 range, which can help keep the BTC price during the current sellers' aggression. If we see that the BTC price fall in the daily timeframe begins to slow down and trading volumes increase near the mark of $36,000, it will be a good reversal. In this case, the first growth target is $46,000. It is from this mark that the collapse of the market for Bitcoin and other cryptocurrencies began.
The Bitcoin Dominance Does Not Realize The Growth Prospects
Although according to the weekly timeframe of the Bitcoin dominance chart, the prospects for its growth are great, in action we see a different picture. Moving in a protracted consolidation from May 2021, the BTC dominance is declining for the second day. Interestingly, on 20 February, the decline in dominance occurred on the BTC price fall and on the 21st - on the growth. This fact shows that investors are beginning to transfer capital from Bitcoin to altcoins (it is better to keep the price during the fall and more actively buyback during the BTC growth). So far, this is not very noticeable, as the rebound of the BTC price after a week of decline is still small. However, in our opinion, the beginning of BTC consolidation will lead to active independent actions of the altcoin market.