Bitcoin (BTC) briefly rose above $ 107,000 and reached the intraudit peak $ 107 108. This is only 2% lower than the historical maximum $ 109,588.
Since then, Bitcoin has rolled back a little, but market sentiments remain confidently optimistic, and the hens-indicators indicate a possible continuation of BTC growth.
Bitcoin season is in full swing
According to Blockchain Center, the cryptocurrency market is in full swing of the Bitcoin Seeson. This is the period when the BTC significantly exceeds the altcoin market in terms of indicators. At the time of writing, only 16 (32%) from the TOP-50 altcoin surpassed BTC over the past 90 days. This is significantly lower than the threshold of 75%necessary for the “altcoin season.”
In addition, the growing dominance of bitcoin (BTC.D) confirms this trend. The metric monitors the BTC share in the total capitalization of the cryptocurrency market. On May 16, it fell to a two -month minimum of 61.89%, but has been growing steadily since then. At the time of writing, its value is 63.92%.
Meanwhile, the Total2 index reflects the overall market capitalization of all cryptocurrencies except BTC. From May 14, he demonstrates a decrease. Now it is $ 1.18 trillion, which is $ 83 billion less than last week. Such dynamics shows that investors are increasingly preferring to invest in bitcoin, and not in altcoins. In all likelihood, traders rely on BTC, especially when he tries to gain a foothold above a round mark of $ 105,000.
DMI indicates strong customer pressure
On the day graphics, the Directional Movement Index (DMI) index confirms the bull mood in the market. At the time of writing, the index +di (blue) is above the -DI index (orange). This arrangement of DMI indicates that the bull impulse prevails over bear. This signals an upward trend and customer pressure on bitcoin.
If this trend is preserved, the price may try to break through the resistance by $ 107 048 and rush to the historical maximum $ 109,588. If the sales intensify, bitcoin risks decreasing to $ 102,080.
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Source: Cryptocurrency
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