Bitcoin’s Dominance Surges, Altcoins Suffer as BTC Targets $48,000

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Bitcoin has surged past the $40,000 mark and is now hovering below $42,000, causing a pause in the altcoin market. Despite a sharp rejection at $42,000, bitcoin seems to be regrouping for another potential climb. Many experts believe that $48,000 is the next target for bitcoin, as it aligns with the golden 0.618 fibonacci level. However, bitcoin is currently facing resistance at the 0.5 fibonacci level, which could determine its next move.Bitcoin’s dominance in the crypto market has been steadily increasing, with Monday seeing the largest spike in BTC dominance in over three weeks. This has resulted in a decline in value for altcoins. Bitcoin’s dominance is currently at a resistance level, and if it breaks through, it could reach a staggering 57.5% dominance in the market. The future of altcoins remains uncertain as bitcoin may trade sideways for a while.Please note that this summary is for informational purposes only and should not be considered as legal, tax, investment, financial, or other advice.

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