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Bitcoin Dominance Surges Past 60% Threshold, Signaling Potential Crypto Market Shift and Altcoin Pressure, Analyst Warns

Bitcoin Dominance Surges Past 60% Threshold, Signaling Potential Crypto Market Shift and Altcoin Pressure, Analyst Warns
The article discusses the increasing dominance of Bitcoin in the broader crypto market. Market analyst Benjamin Cowen suggests that as Bitcoin establishes its dominance, there could be a market selloff, headwinds for Ethereum, and the Federal Reserve's quantitative tightening (QT) concluding. This could lead to a market rally before macroeconomic conditions worsen and possibly result in a recession in 2026.

Bitcoin's dominance has been on an upward trend since mid-2024, with higher highs and higher lows indicating positive momentum. Currently, Bitcoin dominance is in a consolidation phase, with support levels at 60.63%, 59.05%, and 58.80%. Resistance is strong at the 62% level.

The current price of Bitcoin is $78,726.28, with a 4.60% decrease in the last 24 hours and a 12.71% decrease over the past week. The market's reaction to these levels will determine its future direction. A drop below $73,000 could lead to further corrections, while stabilizing and bouncing from this level could lead to a retest of resistance at $78,700.

Ethereum is trading at $1,942.54, with a 4.78% decrease in the last 24 hours. With Bitcoin dominance gaining strength, Ethereum and other altcoins may face continued selling pressure. However, if Bitcoin dominance retreats, altcoins could regain strength and present new investment opportunities.

Disclaimer: The information presented in the article is for informational and educational purposes only, and it is not financial advice. Reader discretion is advised.

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