Bitcoin's current price rise seems almost unstoppable. Because in recent times the price of Bitcoin was able to rise to the highest point of all time on February 17. One of the main psychological barriers at the $50K exchange rate was finally broken during tuesday's trading session and has been tested several times in the last week.
In addition, banks expressed interest in Bitcoin and more public companies began to take part in the Bitcoin space where a German company revealed its current position. The rally could now target a higher price level around $63K.
Altcoins, meanwhile, seem to be feeling the pain when faced with Bitcoin as the impact of Bitcoin's dominance soars again. The main question is whether Bitcoin can again maintain this rate of increase and whether the altcoin will go down when dealing with Bitcoin or not.
Bitcoin prices have increased in recent weeks, forming several potential areas of support in the event of a setback. After penetrating above the $40K price level, the area of about $43K and $43.5K quickly became a new support level as the launch pad became even higher.
Next Target
A graph from TradingView in 4 hours shows the continuation of the increase as BTC strengthens towards the next peak. The $50K price level has also crossed paths with Fibonacci Retracement 1,618. If indeed Bitcoin continues to receive a lot of encouragement then it could target around the exchange rate of 54K as well as 55.5K.
For the next direction, there are several levels that must be very attentive. First Fibonacci 1,618 has passed and then the next target at Fibonacci level 2618. The price level to watch out for is at 63K and also 66K. Bitcoin's very high price rise has also sent Bitcoin's dominance reaching its latest high peak.
At the peak of December 2020, dominance again fell along with the rise of altcoins in January and February. With bitcoin's current price rise it could risk bringing altcoin assets lower some time later.