The 2 day BTC Dominance chart (BTC.D) has just tagged a multi month macro support zone between 60.4% and 60.87%, aligning with both Fibonacci and horizontal levels - signaling the potential start of a short term relief bounce.
Technical Highlights:
• Price has dropped sharply from the recent 66% high, retracing over 7% in dominance.
• The drop has reaching strong confluence support:
• Horizontal demand zone tested 4 times in late 2023 and Feb 2024 ( marked by red/green arrows)
• 0.5 Fib retracement of the November–July rally
• Local structure match from Jan–Feb consolidation
• The yellow projection suggests a likely short-term rebound toward:
61.72% (0.236 Fib)
62.55% (0.382 Fib)
63.21% (0.5 Fib)
64.05%–64.82% (resistance cluster from May–June)
What to Watch:
• If dominance holds this level → expect BTC to regain relative strength short term
• Breakdown below 60.4% would confirm major structural weakness and trigger altseason acceleration 🍏
Macro Takeaway:
• BTC.D is reaching one of the most reactive zones of the last 12 months.
• This reaction will influence whether the broader market enters a BTC led recovery or continues the altcoin dominance surge.
Technical Highlights:
• Price has dropped sharply from the recent 66% high, retracing over 7% in dominance.
• The drop has reaching strong confluence support:
• Horizontal demand zone tested 4 times in late 2023 and Feb 2024 ( marked by red/green arrows)
• 0.5 Fib retracement of the November–July rally
• Local structure match from Jan–Feb consolidation
• The yellow projection suggests a likely short-term rebound toward:
61.72% (0.236 Fib)
62.55% (0.382 Fib)
63.21% (0.5 Fib)
64.05%–64.82% (resistance cluster from May–June)
What to Watch:
• If dominance holds this level → expect BTC to regain relative strength short term
• Breakdown below 60.4% would confirm major structural weakness and trigger altseason acceleration 🍏
Macro Takeaway:
• BTC.D is reaching one of the most reactive zones of the last 12 months.
• This reaction will influence whether the broader market enters a BTC led recovery or continues the altcoin dominance surge.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.