• 17 July, 2024
Market News

Bitcoin Price Gains Modestly Near $25k As BTC Dominance Reaches 9-Month High; Is 70% Next Halving?

Bitcoin dominance vs stablecoins went over 50% in the recent times

Bitcoin traded modestly higher on Thursday amid the increased bitcoin dominance rate in turbulent crypto markets. According to the Trading view, the dominance rate has reached a nine-month high of 45.5%.

What is Bitcoin halving?

Traders’ reward for Bitcoin mining is cut in half known as Bitcoin halving. A “halving “ is a periodic event with 210,000 blocks or approximately every four years. It happened first in November 2012, second in July 2016 and third in May 2020. The next is estimated to occur in 2024. 

As this event is cyclic, there are various ways that can be used to analyze and predict the Bitcoin price movement. In one such way, an analyst on Twitter compared the different cycles so far against each other using the number of blocks since the cycle starts as the common denominator between them.

Bitcoin dominance has risen in the  past few weeks following the fall out of crypto assets banks Silvergate and Signature. It is a healthy sign for the broader crypto market as it signals that froth in the market is relatively low.

As of writing, BTC was trading at $24,936, up 2.33% for the day.

Technically speaking, Bitcoin price is in short-term upside momentum. The price breached the critical 200-day EMA with strong buying momentum with a big green candlestick. 

Average True Range (ATR) still reads higher suggesting Bitcoin price to stay in a higher trajectory. BTC could advance toward $26K, the upper trend line of the channel.

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