BITCOIN DOMINANCE

in blurt •  3 months ago 

📈On September 15, Bitcoin is trading around $60,000, its price has grown by about 10% over the week.

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❗️The key event of the coming week will be the US Federal Reserve meeting and Jerome Powell's press conference on September 18.

Predicting the movement of the Bitcoin price for the next week, analysts believe that the market has already priced in a 25 basis point rate cut, so the main attention will be focused on the Fed chairman's rhetoric regarding further plans for monetary policy until the end of the year.

With expectations of a rate cut, Bitcoin may overcome resistance in the $62,000 region and test $64,000.

But it is unlikely to hold on — investors are too afraid of continuing inflation and there is not enough of a positive agenda for the crypto industry itself.

Bitcoin Dominance Index is at its highest level since 2021

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Bitcoin's market share has reached 58%, its highest in more than three years.

Traditionally, a decline in Bitcoin dominance is seen as the start of the "altcoin season" and vice versa - an increase in Bitcoin's share relative to the rest of the crypto market indicates the instability of alternative cryptocurrencies.

At the same time, the Ethereum to Bitcoin ratio has reached a new low, and the share of "ether" in the market is falling.

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