Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A crypto market analyst confirmed that Bitcoin (BTC) has closed above the bull flag on the daily price chart. This move coincides with a 6% drop in the Bitcoin dominance metric, a sign of a general shift in market momentum.
Bitcoin price setup
In an X post, popular market analyst Rekt Capital spotlighted a bull flag pattern on the Bitcoin chart.
For context, a bull flag is formed when an asset moves in a strong upward trend followed by a consolidation period. The price action then forms a pattern in the shape of a flag.
Rekt Capital emphasized that Bitcoin is successfully retesting the bull flag as support to confirm a breakout. He posted a TradingView chart that showed $120,019 as the next key support for Bitcoin.
According to Rekt Capital, the bull flag breakout, together with the new support level, primes BTC to hit a new all-time high.
In summary, the BTC price looks set for a potential upward movement. Within the past 24 hours, BTC has increased by 1.08% to $120,307. Although the price increase is small, it marks a huge shift for a coin that dropped toward the $118,000 lows earlier in the week.
Bitcoin dominance falls to 59%
Despite the recent price rally, Bitcoin dominance dropped from 65% to 59%, marking a 6% drawdown over two months.
According to data analytics platform Glassnode, the decline demonstrates the growing appeal of altcoins amid broader risk-on behavior.
The 6% drop in Bitcoin dominance is largely attributed to the signal that capital rotation is driving. Traders are exploring other digital assets beyond BTC as top altcoins show positive performance.
For instance, Ethereum (ETH), the leading market altcoin, has broken key resistance. At press time, the ETH price was trading at $4,685, up 6.34% over the previous day. Coinciding with the price rally, Standard Chartered has raised its 2025 Ethereum price targets from $4,000 to $7,500.
Other altcoins, like XRP, Binance Coin (BNB) and Solana (SOL), have also followed the bullish move. The coins registered price increases of 3.2%, 5.6% and 13.7%, respectively.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team