The crypto money market, which has been rising continuously since the second half of March, underwent an average correction of 10% in the week of April 17. In the new week, the seller's outlook continues.
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According to the total market cap metric we got from Tradingview, cryptocurrencies are supported by the $1.1 trillion limit. If this level is broken, the downward movement in Bitcoin and altcoins can continue.
Bitcoin or Altcoins?
Investors who foresee a rally in the medium term attach importance to dominance data in order to determine in which direction they will use their preferences. The BTC.D metric, which measures Bitcoin's share in the market, has once again received a reaction from the 47-49% range, which it has not been able to exceed since April 2021.
According to the weekly technical chart, altcoins are likely to be more profitable if the zone marked in red is not exceeded.
Latest Status in Bitcoin
Although the leading cryptocurrency has been rising for weeks, it has been stuck in the support/resistance area that has been playing an important role for about 27 months.
Faced with selling after relying on $31,000, Bitcoin continued to depreciate by breaking the $28,700 support. BTC could technically drop as low as $24,800 unless there is a significant purchase.
However, with upward purchases, the price may rise above $30,000 again in the coming days. The important thing here is not to stay below the $27,000 level, especially in the 4-hour period.