Peter Brand has just released a warning about Bitcoin. Check out the latest reports about this below.
Warning about BTC has just been released
According to the latest reports, it seems that Peter Brandt is warning that Bitcoin (BTC) is losing support and may make a sharp move to the downside.
Brandt said recently that Bitcoin’s steady price action in the $25,000 range is now starting to collapse.
According to Brandt, Bitcoin’s price action created a critical price level that set it up for a major move based on several indicators including a downward 18-day moving average (MA) and 8-day MA.
“Four closed numbers within 3/10th of 1% range. This is the definition of price equilibrium. ‘Hinge’ behavior.”
Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the red and the price of the king coin is $25,510.
Bitcoin dominance hits the highest levels
According to the latest reports, it seems that Bitcoin dominance has reached a level that has not been seen in almost two years.
It is important t note that this is suggesting that traders and investors are flocking to the relative safety of the world’s first and largest cryptocurrency over other smaller tokens.
“Bitcoin dominance, or a percentage of the total cryptocurrency market capitalization that Bitcoin represents, has reached 45.84%, according to The Block’s Data Dashboard. The last time such a level was seen was in July 2021, when it peaked at 46.77%” The Block notes.
It has been also revealed the fact that In April of this year, Bitcoin dominance touched 45.65% but had been swinging in a range.
Since last week, however, its dominance has been on the rise.
It has been also revealed the fact that “It comes at a time when the United States Securities and Exchange Commission has declared several tokens as unregistered securities in its lawsuits against crypto exchanges Binance and Coinbase — claiming that most tokens are securities. Since then, the prices of many mentioned tokens have declined. Meanwhile, bitcoin’s price has been relatively stable.”