Bitcoin $99,231.3 (BTC) has surpassed a critical threshold by increasing BTC Dominance, in other words its dominance over the market, from 54 percent to 59.48 percent as of this month. According to the analysis platform Glassnode, a similar situation occurred in the 2020 cycle. dominance It dropped below 60 percent in November 2020 and jumped to 69 percent in January 2021. Historical data shows that Bitcoin started a long-term uptrend after BTC Dominance crossed these levels. On the other hand, the biggest cryptocurrencyThe price of is traded at 98 thousand 943 dollars, with a decrease of 3.60 percent in the last 24 hours.
Data Signaling a Peak in the Rise in BTC Dominance
Although the increase in BTC Dominance has led to comments that it has started a long-term uptrend. As it is known, rises on this side suppress the altcoin market and cause sharp retreats.
On the other hand, one of the leading data platforms of the cryptocurrency market CryptoQuantAccording to the latest information shared by Bitcoin Cycle Index (IBCI) entered the “distribution zone” for the first time in eight months.
Puell Multiple, MVRV, NUPL And SOPR Fundamental metrics such as these indicate that the market is approaching a cyclical peak. Although IBCI remaining below 100 percent suggests there is upward potential, investors need to be careful from this point on. As the NUPL indicator moves towards the upper limit, Puell MultipleThe fact that is approaching the lower limits presents a complex picture.
Experts underline that all these data are similar to past cycles, but market dynamics are different. In particular, the decline in BTC reserves on the stock exchanges shows that long-term investors are tightly tied to their assets.
Along with all this, the increase in network activity also attracts attention. Accordingly, in the last week Bitcoin networkThe number of active addresses in Turkey increased by 2.30 percent.
Increase in Large-Scale Transactions
famous analyst Ali MartinezAccording to the data shared by , Bitcoin transactions worth 100 thousand dollars or more increased from 15 thousand 620 to 32 thousand 320 in the last week. This increase in transactions suggests that institutional investors and large capital players are re-entering the market. Historically, jumps in large-scale transactions have heralded significant movements in price.
Looking at technical indicators, Bitcoin’s daily RSI value is at 60, showing that there is room for upside. But the price Bollinger BandsIf it is close to its upper limit, it indicates high volatility. On the other hand, things are a bit complicated as the price fell below the psychological support threshold at 100 thousand dollars.
Market participants are watching with curiosity to see whether a new rally will be triggered in Bitcoin in the coming weeks. Although both technical and fundamental data give bullish signals, warnings are made that caution should be exercised.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
