Bitcoin’s Position In The Crypto Market Is Analyzed, Following Bullish Month

According to a well-known crypto strategist, Bitcoin (BTC) is showing signs of a bullish continuation following its impressive performance in June.

Rekt Capital, an anonymous analyst with a significant Twitter following of 347,600, suggests that BTC has further room for growth after successfully breaking through its psychological resistance level of $30,000 in the recent past.

Nonetheless, the expert anticipates a brief pullback in the near future to test the previous resistance as support before the next upward surge.

“New BTC monthly close is bullish.

BTC has broken into a new range (black-red).

To fully confirm a return to the range, a dip to $29,250 would be healthy (black).

Downside wicking below (black) wouldn’t out of the ordinary.

Well positioned for upside overall.”

At time of writing, BTC is trading for $31,146.

Regarding the Bitcoin dominance chart (BTC.D), which indicates the percentage of total crypto market capitalization that belongs to Bitcoin.

As per Rekt Capital, there are indications of a possible correction in BTC.D, which could lead to altcoins gaining more prominence than Bitcoin.

“If history repeats, BTC dominance will be pulling back in the short-term, enabling a lot of altcoin moves to the upside.

But afterward, BTC dominance will likely resume its upward trajectory to perhaps even as high as 58% (green).”

A popular crypto analyst suggests that Bitcoin (BTC) could experience significant upward movements if its current setup mimics its market structure from November 2020. The analyst, known as TechDev, shares with his 413,000 Twitter followers that BTC seems to be following a similar price action as last year, although it’s uncertain if it will repeat the same pattern.

TechDev’s chart indicates that BTC is exhibiting three technical signals that resemble its market structure from November 2020.

Based on the chart analysis, BTC has broken through a diagonal resistance in January and retested it in March. The chart also highlights that Bitcoin is currently following a horizontal support line after rebounding from it at the end of last month.