{"id":10936,"date":"2023-03-16T17:59:00","date_gmt":"2023-03-16T17:59:00","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=10936"},"modified":"2023-03-16T17:59:00","modified_gmt":"2023-03-16T17:59:00","slug":"bitcoin-dominance-nears-50-as-research-hails-bullish-narrative-flip","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10936","title":{"rendered":"Bitcoin dominance nears 50% as research hails \u2018bullish\u2019 narrative flip"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) accounts for more of the total value of all cryptocurrencies than at any time since June 2022.<\/p>\n<p>In the latest knock-on effect from this week\u2019s surge above $26,000,\u00a0data from TradingView shows that Bitcoin market cap dominance is nearing 46% \u2014 its highest in nine months.<\/p>\n<h2>New dominance \u201cspike\u201d hints at trend change to come<\/h2>\n<p>Up almost 3% since the weekend alone, Bitcoin dominance shows a trend-setting move by the largest crypto asset reminiscent of classic bull cycles.<\/p>\n<p>\u201cEvery Bitcoin bull market has commenced with a spike in BTC dominance (as has every bear market),\u201d markets commentator Tedtalksmacro noted on March 15.<\/p>\n<p>An accompanying chart showed that such dominance \u201cspikes\u201d tend to precede significant trend shifts in BTC price action.<\/p>\n<p>\u201cBull Market or Echo Bubble?\u201d Tedtalksmacro queried.<\/p>\n<p>Analyst Hamza meanwhile used Wyckoff schematics to reveal an equally broad \u201csurge\u201d in dominance after months of an \u201caccumulation\u201d phase.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin dominance on a full surge as expected using wyckoff accumulation schematic. https:\/\/t.co\/QqIzvIh0rW pic.twitter.com\/nxrPMGqKcZ<\/p>\n<p>\u2014 Hamza (@Itsdehamza) March 16, 2023<\/p>\n<p>\u201cExpect for Bitcoin dominance to come roaring back soon,\u201d optimistic Bitcoin investor and research analyst Tuur Demeester added earlier in the week. <\/p>\n<p>\u201cSmart contracts, privacy, high speed transactions, issued assets: after 14 years of maturation it\u2019s all being built on Satoshi\u2019s granite foundation. Bitcoin is an open standard for all\u2014the internet of money.\u201d<em>Bitcoin market cap dominance 1-day candle chart. Source: TradingView<\/em><\/p>\n<h2>Bitcoin narrative goes \u201cfrom bearish to bullish\u201d<\/h2>\n<p>With recent events further buoying Bitcoin bulls after an already impressive start to the year, overall opinions on future performance are gradually flipping positive after a grim bear market.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin returns to $25K as Credit Suisse bailout precedes EU rate hike move<\/em><\/strong><\/p>\n<p>Among the shifts in perspective is that of trading firm DecenTrader, which\u00a0described the \u201cnarrative\u201d around Bitcoin as \u201cturning bullish\u201d in a fresh market update on March 16\u00a0<\/p>\n<p>\u201cIt has been a long, cold winter for Bitcoin and crypto. However, recent events have helped to catapult near-term price, and importantly have shifted the narrative from bearish to bullish,\u201d contributor Miffy summarized.<\/p>\n<p>Of particular interest is $21,800, should a retracement kick in, with DecenTrader eyeing $30,000 as a potential upside target.<\/p>\n<p>\u201cIn the near-term the shorts have been squeezed, late-longs punished, and right now price is resting underneath the 200WMA. If price does need to drop down to generate enough momentum to take the next leg up to $30,000, the 1D support at $21,800 is a clear target. But for now 4H support is holding well at $23,900,\u201d Miffy concluded. <\/p>\n<p>\u201cImportantly though, we have seen a major narrative shift for Bitcoin with a clear breakaway from traditional markets which continue to struggle due to their economic troubles and bank blow-ups. We may well see outside interest return to Bitcoin if its price rises further and its use case becomes clearer as the traditional banking system continues to implode.\u201d<em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<p>BTC\/USD traded at around $24,900 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.<\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-dominance-nears-50-as-research-hails-bullish-narrative-flip\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) accounts for more of the total value of all cryptocurrencies than at any time since June 2022. In the latest knock-on effect from this week\u2019s surge above $26,000,\u00a0data from TradingView shows that Bitcoin market cap dominance is nearing 46% \u2014 its highest in nine months. New dominance \u201cspike\u201d hints at trend change to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10937,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10936"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10936\/revisions"}],"predecessor-version":[{"id":10938,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10936\/revisions\/10938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10937"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}