Bitcoin's dominance has failed to establish a new high, suggesting a significant weakening and a lack of upward momentum. This failure strongly indicates that Bitcoin's dominance is poised for a reversal from this point, potentially initiating a new downtrend. Furthermore, a compelling bearish divergence is forming on Bitcoin's dominance on the weekly timeframe's Relative Strength Index (RSI). This bearish divergence is a robust indicator of a potential trend reversal. Considering these factors, there is a high probability of witnessing a decline in Bitcoin's dominance in the near future.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.