Markets fall. Bitcoin and Alcoins fall.
The money that the crypto market needed to stay up did not arrive and Bitcoin and Alcoins are going backwards as we warned in previous posts.
We will see the Bitcoin chart where it would be a good support for the price, the dominance of Bitcoin, Tether and its dominance.
we'll see
A few days ago I did an analysis on the dominance of USDT. (Tether) since it had reached an important support, which would possibly bounce to the upside, if money did not enter the crypto market and this is how we see today the price of Bitcoin going back but more in Alcoins
Bitcoin
As we can see in the chart, the price of Bitcoin is falling, I have crossed a support line that would be important for Bitcoin not to lose it at $21,300.
Bitcoin dominance analysis
If we analyze the graph we see that the dominance of Bitcoin is going down, the first thing one tends to think is that the Alcoins should not be going back so much.
Let's see the price of Alcoins
Alcoins
As we see in the graph, Alcoins fall back more than Bitcoin in general, between 15% and 20% at the time of writing this post.
So why is Bitcoin's dominance receding?
Bitcoin's dominance recedes because, investors are withdrawing money from Bitcoin and more from Alcoins, only some strong Alcoins are rising relative to Bitcoin.
In general, all Alcoins against the dollar all lose.
Tether Dominance Analysis
Now we find ourselves bouncing off a great support, which has served at other times before. This was analyzed that it was very likely to happen if no more capital entered the Crypto market.
Tether capitalization analysis
As we can see in the graph, no money has entered the crypto market, the capitalization of Tether has remained at 66 Billion.
Money is not being withdrawn at the moment from the Crypto market, it is a good sign while Bitcoin corrects, but it is not entering either.
Analysis of the situation
Tether dominance did not break support, it is bouncing higher. This may indicate that the short-term bullish momentum of Bitcoin and Alcoins has ended.
This indicates that in this investors take profits or pass their investments to dollars as we see more of the Alcoins than of Bitcoin
Dollar
But the real reason why Bitcoin may be falling is that the price of the dollar has been on the rise for days.
We continue in an inverse correlation between the Dollar and Bitcoin
The money in the markets is going to the dollar, it is not a good sign for the next few days for Bitcoin or Alcoins.