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Last week, we saw Bitcoin once again test the tough resistance area between $44000 – $46000. Unfortunately, BTC got rejected, and we have seen a slow bleed over the last five days, with the price now trading below $40,000.
If the price does not hold current levels, we could come down to the $36400 – $37000 major support area. There is also some liquidity sitting in that range, from the 24th February 2022, that has not been tested. If the $36000 level does not hold, the next support is at around $33400.
Bitcoin Dominance has been in an ascending channel since the 22nd January 2022, and has been ranging between the 44% and 43% level for the past week. With a rising channel, there is a 68% chance that it breaks to the downside, which will be ultra-bullish for the altcoins. If we break to the upside, the next target will be the important 45% level, which has been major resistance in the past. There is also a resistance trend line, starting all the way back in August 2021, that will also prove tough to breakthrough.