BTC has more or less stagnated around $ 47,500 over the last 24 hours, leaving room for the indicators to cool down while we are still monitoring bullish target. However, the volumes are in decline and therefore we have to count only on short-term upward trend. On the other hand, dominance lies in the correctional leg, which should continue.
The correlation between altcoins and BTC is close to ATH therefore we expect growth of altcoins which will catch up with the main cryptocurrency and so on dominance will decline. However, this does not mean that BTC itself will not grow. We are still watching target at about $ 51,000. If volumes continue to decline, the price will soon reach a maximum.
BTC continues to $ 51,000. Source: TradingView
BTC continues on its way to $ 51,000
Current growth should only be short-term for the time being. After creating a local maximum on the mentioned target, we expect the price to go into a slight correction. We remain in the long and short term bullish but in the short term it is possible that the price will soon create a backward movement.
Creating a short-term correction however, after a breakout is a healthy sign of a trend. This does not change the fact that growth must be supported by volumes. In the long run, the price is still a sideway between $ 69,000 and $ 30,000. It is not yet possible to determine whether the current growth will be only in this structure or it overcomes.
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