In one of the most volatile weeks for the crypto markets, Bitcoin (BTC) price is stabilizing around the range high. After a rejection from the $30,000 earlier this week, the leading cryptocurrency is catching the bids at $28,300 on Thursday. This translates into minor gains on the daily timeframe.
BTC price showing some resilience in the wake of escalating conflict in the Middle East. However, the same can’t be said about the altcoins as most of them have plummeted to the fresh yearly lows. While the BTC to USD pair has remained sideways for the past few months, altcoins have kept making new lows.
This trend is also evident from the surge in Bitcoin dominance (BTC.D). According to the most recent figures, BTC.D has soared to 52.22% which is its highest level since April 2021. This is proof that the investors prefer the pioneering digital asset over altcoins.
The Total3 represents the market capitalization of the cryptocurrencies, excluding Bitcoin and Ethereum. Since July 2023, this Total3 has plummeted 15%. This drop in the market cap of lower capped altcoins has acted as fuel for the rising Bitcoin dominance.
This also shows a risk-off approach in the digital asset markets as investors rush to Bitcoin for safety. While Bitcoin price may be more volatile than most conventional assets, it is still relatively stable compared to the altcoins.
BTC To USD Chart
Bitcoin Price Analysis
Technical analysis on a daily timeframe removes the noise and presents a better outlook on the BTC price. The above-mentioned chart shows that after a breakout from the downward trendline and the range highs, the price is retesting the 200 MA.
If the current level holds, the short term Bitcoin price prediction is looking very bullish. The $30k-$32k level will remain within reach as long as the bulls hold the $25k support. However, in the case of a clear break below the 200 daily moving average, the outlook will flip bearish with the downside target of $25,000 on the cards.