- Bitcoin dominance has slid from 62.5% to 58%, showing weakness as sellers continue to control the market trend.
- If the 58% support breaks, Bitcoin dominance could fall further with 56.94% shaping up as the next major target.
- XRP is standing out with relative strength and may lead altcoins higher if Bitcoin dominance keeps falling.
Bitcoin’s market dominance is once again facing heavy pressure, raising concerns for traders across the crypto market.
According to analyst Scient on X, BTC.D looks “toppish” as it retests breakdown levels, while Ethereum appears weak compared to Bitcoin. Interestingly, XRP is showing relative strength on the 12-hour chart, sparking speculation that it may lead to any recovery if Bitcoin pulls back further.
Bitcoin’s dominance began the month near 62.5%. However, selling pressure quickly forced a downward move. The decline carved a clear descending trend, with multiple resistance barriers forming along the way.
Initial support levels emerged near 60%, but bears gained momentum once this threshold failed. Consequently, the index dropped toward 59% with heightened volatility and weak rallies that lacked conviction.
Testing Key Support Levels
By mid-September, dominance settled near 58.5%, forming a critical support zone. Buyers attempted to defend this area, creating short bursts of stability. However, repeated retests of the level revealed growing weakness.
Most recently, dominance traded at 58.11%, still hovering close to support but showing no signs of strong reversal. Additionally, volume analysis confirms that larger selloffs attracted more participation, highlighting bearish control in the current structure.
Trendlines connecting recent peaks further confirm the downward trajectory. Each attempt to climb higher meets renewed selling pressure, blocking any sustained rally.
Moreover, candlestick formations show limited buying appetite, with sellers stepping in quickly on every upward move. Unless bulls reclaim higher levels, bears remain firmly in control.
Next Possible Downside Target
If support around 58% collapses decisively, traders are eyeing 56.94% as the next major level. This aligns with broader technical signals pointing toward extended weakness. Hence, Bitcoin dominance remains in a vulnerable spot until strong buying intervention appears.
On the other hand, XRP’s recent strength suggests it may outperform if Bitcoin loses ground. This divergence between major assets could set the tone for the next market phase.
Bitcoin dominance continues to weaken, raising risks for BTC while opening opportunities for altcoins.
