- Bitcoin dominance signals a bearish wave five reversal at resistance.
- Glassnode data confirms rising investor confidence amid heavy BTC accumulation.
Bitcoin dominance may be nearing a turning point as technical signals suggest a bearish shift. More Crypto Online shared a detailed analysis via TradingView showing a bearish setup for Bitcoin Dominance ($BTC.D). The chart, viewed on a 2D timeframe, outlines a long-term Elliott Wave count within a descending triangle pattern.
According to the post, the current wave (5) peaked at the upper resistance line, a zone that historically marks reversals. Fibonacci levels suggest key downside targets at 53.86% and 48.6%, in alignment with projected wave (c) of (e).
BTC Dominance currently stands at 63.85%, and the chart implies a sharp decline may follow. This drop could trigger altcoin outperformance, as traders often rotate funds when dominance weakens. Market watchers are monitoring this setup for signs of a confirmed breakdown.
At press time, Bitcoin is trading at $118,402.99, up 0.49% in the last 24 hours.Â
Glassnode Heatmap Shows Strong BTC Accumulation
Meanwhile, Glassnode’s latest Cost Basis Distribution Heatmap reveals that investors purchased approximately 196,600 BTC during the recent price dip. This buying occurred between $116,000 and $118,000, totaling over $23 billion in value.
The data, covering June 16 to July 14, highlights a surge in buying activity starting around July 6. The heatmap shows intense red and orange bands, signaling heavy accumulation in this price range. A sharp rise in the black trend line, representing average cost basis, confirms growing investor confidence in higher prices.
Trump-Backed Crypto Legislation Advances in Congress
Regulatory momentum also continues to build in the U.S. with former President Donald Trump backing key crypto legislation. During “Crypto Week,” Trump announced that the GENIUS Act is set for a House vote. The bill, which already passed the Senate, outlines a federal framework for stablecoins, including asset backing, audits, and joint oversight.
Trump reportedly met with 11 out of 12 lawmakers involved, securing enough support to push the bill forward. Earlier delays due to CBDC-related concerns were resolved through his intervention. The GENIUS Act now joins the CLARITY and Anti-CBDC bills as part of a broader effort to shape future U.S. crypto policy.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
