• Bitcoin price continues to hover around the crucial resistance level of $30,800.
• The dominance of Bitcoin is slowly plunging, and the other altcoins are displaying a magnificent upswing.
• Altcoin market cap plunged below the crucial support, but it attempted to recover the loss.

Bitcoin Price Continues to Hover

The crypto space has triggered a fresh bullish move! The Bitcoin price continues to hover around the crucial resistance level of $30,800, manifesting the possibility of closing the monthly trade on a bullish note.

Dominance of Bitcoin Plunging

On the other hand, the dominance of Bitcoin is slowly plunging, and the other altcoins are displaying a magnificent upswing. Therefore, a shift in trending patterns is witnessed within the crypto space that may bring the differing Altseason closer. The BTC dominance within the market has been rising since the beginning of the month and has surged from 47.28% to as high as 52.19%, the levels that were last seen in May 2021. However, the trend was bearish then compared to present trend which is bullish. Moreover, it appears that dominance could hover between 50% and 52% for some days and remain largely stagnant which may assist altcoins in gaining some profits.

Altcoin Market Cap Flashing Bearish Signals

Although altcoins are displaying bullish momentum, total market cap excluding Bitcoin flashes bearish signals. After hovering in narrow region altcoin market cap plunged hard below crucial support but did attempt to recover loss but current day’s trade compelled levels to test lower trend line however no validation of beamish divergence is seen at moment but bears have confirmed their presence therefore even if altcoins are being bullish it may be for short time which could be outpowerd by bulls soon.

What Does This Mean for BTC Price?

It remains unclear what this shift in balance between bitcoin and its competitors will mean for its price long-term; however given recent developments it’s likely that bitcoin’s role as king among cryptos will continue into next year with possible further gains ahead before any sustained decline sets in.

Conclusion

Despite recent fluctuations in bitcoin’s dominance over other cryptocurrencies there still remains plenty of potential for both bitcoin and alts alike going forward into 2022 – provided investors remain vigilant about trends over time so they can capitalize on opportunities when they arise