Bitcoin price eyes $63K next as rising BTC dominance puts altcoins at risk

The current Bitcoin (BTC) rate bull run appears practically unstoppable today as BTC has just notched another brand-new high on Feb. 17. The mental barrier of $50,000 finally broke yesterday after several tests of this level in the previous week. In addition, banks are exposing their interest in BTC and more public companies are starting to hop on the Bitcoin bandwagon as the very first German company exposed its position today. This rally could now extend to $63,000. Altcoins are feeling some discomfort in their BTC sets as a result while Bitcoin supremacy is crawling back up. The main question is whether Bitcoin sustains this run and if altcoins will drop in their BTC pairs.Bitcoin squashes even more after holding crucial levelsXBT/USD 4-hour chart. Source: TradingViewBitcoins cost has been grinding up in the past couple of weeks, establishing some possible areas of support in case of a pullback.After the breakout above $40,000, the $43,000-43,500 quickly became the brand-new level of assistance as a launchpad for more upside.The chart above shows this extension is seen as BTC rallied toward the next point of interest. This location is found at the 1.618 Fibonacci level around $50,000. This essential level is likewise an essential mental barrier. Bitcoins rate has effectively cleared this resistance zone and is currently attempting to climb up higher.Now, the critical area to watch is in between $47,250-48,000. As long as that sustains support, Bitcoins rate can continue running towards $54,000-55,500. Secret Fibonacci levels to look for BTC priceBTC/USD 1-day chart. Source: TradingViewThe daily chart for Bitcoin shows the next points of interest if the rally continues. During such an upward grind in rate discovery (as the current cost of Bitcoin is 150% higher than the all-time high in 2017), the Fibonacci extension tool works for identifying the next key levels to watch.The very first 1.618 Fibonacci level has actually been reached, while the 2nd level is at the 2.618 Fibonacci level. If the price of Bitcoin continues moving up, a rally towards $63,000-66,000 is on the table as long as $47,000-47,750 holds, as formerly pointed out. Bitcoin dominance is recoveringBTC Dominance 1-week chart. Source: TradingViewThe weekly Bitcoin dominance chart shows a clear breakdown because the peak high in December 2020. Historically, Bitcoin dominance tops out in December, after which altcoins have rallied in January and February.This is exactly what took place in January and so far in February. After such a beast run, a correction in altcoins is very most likely. The BTC sets of those altcoins need to now see a combination duration for some potential support/resistance (S/R) turns. Nevertheless, altcoins might see a pullback if BTC continues to climb. In other words, the altcoins USD worths might stay the same, however theyll go down in worth against BTC. Investors and traders must be conscious of this cryptocurrency market phenomenon. A heavy correction for altcoin BTC sets is very possible particularly if Bitcoins cost goes to the next target at $63,000. Vital level to expect BitcoinXBT/USD 4-hour chart. Source: TradingViewThe 4-hour chart for Bitcoin reveals one important level to enjoy. As soon as again, the area between $47,250-48,000 is a must-hold location for greater prices. If that level stops working to sustain support, a considerable correction is likely to happen, perhaps to the next major support zone between $43,000 and 44,000. For the bulls, the $55,000 and possibly even $63,000-65,000 will be the next targets if BTC rate continues to its rally. author and do not always reflect the views of Cointelegraph. Every financial investment and trading move includes danger. You ought to perform your own research when making a decision.Title: Bitcoin price eyes $63K next as increasing BTC dominance puts altcoins at riskSourced From: cointelegraph.com/news/bitcoin-price-eyes-63k-next-while-rising-btc-dominance-puts-altcoins-at-riskPublished Date: Wed, 17 Feb 2021 16:01:00 +0000

In addition, banks are exposing their interest in BTC and more public business are beginning to hop on the Bitcoin bandwagon as the very first German business revealed its position today. Altcoins are feeling some pain in their BTC pairs as a result while Bitcoin dominance is crawling back up. The primary concern is whether Bitcoin sustains this run and if altcoins will drop in their BTC pairs.Bitcoin crushes further after holding critical levelsXBT/USD 4-hour chart. A heavy correction for altcoin BTC pairs is very possible particularly if Bitcoins rate runs to the next target at $63,000. You must conduct your own research study when making a decision.Title: Bitcoin price eyes $63K next as rising BTC dominance puts altcoins at riskSourced From: cointelegraph.com/news/bitcoin-price-eyes-63k-next-while-rising-btc-dominance-puts-altcoins-at-riskPublished Date: Wed, 17 Feb 2021 16:01:00 +0000

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Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.

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