Bitcoin Dominance Reaches 5-Year High, Hinting at Potential Rally

Bitcoin has surged to a dominance level of 57.68%, the highest since April 2019, sparking speculation about a significant market rally, Khaama Press reported yesterday.

Currently priced at $59,179, Bitcoin’s recent breakout has caught the attention of investors, particularly as technical indicators show an RSI of 51 and proximity to the upper Bollinger Band, suggesting upward price volatility.

If Bitcoin surpasses the $59,000 threshold with strong trading volume, it could further enhance its market dominance. Exchange reserves remain stable, with only a 0.04% increase in the last 24 hours, indicating limited short-term selling pressure. Network activity is robust, with over 8.4 million active addresses and a 0.83% rise in transactions.

The 60-day MVRV ratio stands at -1.81%, signaling potential undervaluation and presenting a buying opportunity.