Bitcoin Dominance Stays High as the Market Stabilizes After a Volatile Start to the Week

The Bitcoin market has stabilized after a volatile start to the week. Bitcoin has faced significant resistance at levels around $67,500 to $68,000.

Bitcoin price showed signs of stabilizing after a volatile start to the week. BTC faced significant resistance at levels around $67,500 to $68,000. After rejecting this resistance, a pullback from these levels seemed likely.

Despite showing strength recently, the current economic fundamentals could contribute to a downturn in Bitcoin price. Overall, the situation remained largely unchanged, with Bitcoin dominance staying high.

Earlier, one analyst discussed BTC breaking a seven-month downtrend. However, new data had sparked optimism, suggesting a potential upward breakout in the near term. This led the analyst to believe that a breakout could happen within hours or days, paving the way for Bitcoin to reach its all-time high.

Speaking on Crypto Banter’s Ran’s Show, the analyst said that the crypto landscape was dominated by narratives centered around memes and artificial intelligence, which drove market interest recently. However, the analyst suggested that these themes may shift as Bitcoin approaches its all-time high.

The analyst noted that Bitcoin was challenging a crucial downtrend. Despite some recent pullbacks, there were signs that buyers were starting to assert control over the market.

One key observation was the reduction of sell walls on exchanges. This decline suggested that many sellers may be exhausted, which is a key factor in facilitating a market rebound.

On the other hand, institutional activity appeared to be ramping up, with all-time high open interest on the CME (Chicago Mercantile Exchange). This surge indicated that institutional investors were engaging more with Bitcoin, suggesting a shift away from retail trading dominance.

Moreover, recent data revealed substantial ETF inflows, with over $1.5 billion entering the market within just a few days.

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