Bitcoin ended the previous week with an almost 10% growth rate. However, some altcoins showed even better price dynamics. The top gainer is Bitcoin SV whose rate has jumped by 40% over the last week.
The rise of altcoins has influenced the dominance rate of the leading crypto. Over the previous week, the market share of Bitcoin has been slightly going down and now makes up 67.9%.
The relevant information about Bitcoin.
Market Cap: $148 229 848 980
Price: $8 163,79
Volume (24h): $23 837 066 530
Change (7d): 9.12%
The data is relevant at the press time.
BTC/USD: Any Chances for Bulls to Finally Seize the Short-Term Initiative?
Bitcoin has been trading sideways since January 7 and neither bulls nor buyers control the situation on the market. However, one can notice the trading volume decline during the last days against the relative price growth.
Meanwhile, the Relative Strength Index is forming a bearish divergence, suggesting the nearest price decrease. In this case, the bottom of the channel is the support level of $7,850. Thus, the Visible Range indicator shows the low trading volume in that area which means that there are high chances that Bitcoin will attain that point.
Overall, the leading crypto is about to locate in a yellow range in the first days of the new week as it is outlined on the chart.
On the other hand, the downward correction is accompanied by low trading volumes and may be short-lived. If the price manages to gain a foothold above the $8,000 level, a local maximum retest around $8,400 might happen soon.
Bitcoin is trading at $8,099 at press time.