Bitcoin has been stopped dead at the 200 daily moving average

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Bitcoin dominance also shows a break in market structure, tallying a lower high on its most recent significant bounce up to 71.90%, followed by a lower low. Barring any significant negative news for Bitcoin or the overall cryptocurrency space, a downward trend in Bitcoin dominance likely will result in positive price action for altcoins, as has been the case in the past. Bitcoin dominance currently heads in the right direction for an altcoin recovery, down 4% from its 2019 high. TradingView shows that Bitcoin dominance has fallen below the 100-day moving average (MA), successfully flipping the level to resistance as shown by a failed retest of the level.