Can Bitcoin reach $17,000 soon? Here are the 3 key levels of BTC pricing you should be aware of

Bitcoin’s dominance is increasing as altcoins search for a new background in what may be the perfect setting for BTC to start moving towards new historical highs.

Bitcoin (BTC) has been going up and there is no escape. But most of the large-cap altcoins are apparently suffering from this bull run, which leads to the question: have we had our altseason yet? Is it over or is there something else coming?

Multi-year resistance levels

12-hour chart of BTC/USD

Bitcoin has been eating up the resistance levels of several years as Pacman under the effect of amphetamines, surpassing $11,300, then $12,400 and later $13,100 before seeing a rejection near the $14,000 level.

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After the $14,400 level there is not much resistance until $17,000 before a new all-time high for the king of all cryptomonies can be recorded. But the question is, can Bitcoin run out of steam?

Well, BTC’s dominance has been increasing dramatically since mid-September, suggesting that altcoins are being sold off to build up those funds in Bitcoin to overcome this last major level of resistance.

Bitcoin Market Cap Dominance 4-Hour Graph

The 4-hour chart of BTC’s market capitalization dominance shows us that it is currently close to 64.8% with very little resistance between 67.80%, which represents an increase of 4.44% and 68.98% represents an increase of 6.34%.

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These numbers may seem insignificant, but the adverse effect they have on major altcoins is overwhelming for those who have large numbers of the most popular ones in crypto space.
Chainlink about to collapse into a single digit

Daily chart of LINK

Just a few months ago, people were waiting anxiously for Zeus Capital to be liquidated in a short $20 million when LINK was trading below $10. The price did a similar trick as Bitcoin did in December 2017 by exceeding the expected $10 price and continued to rise to $20 before falling.

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The most recent rebound in the price of LINK was about USD 7.50. If that figure appears again, I think the „Marines“ will start to lose their love for their beloved LINK as a price of USD 6.50 seems more likely every day based on previous support and resistance levels.

It is likely that the whales will also be aware of this as 400,000 LINK were sent to Binance today.

If we remember what happened to Bitcoin when it reached $20,000, it took us a good three years to start going back to those levels. So, the smart money could accumulate in coins like LINK and then be poured into Bitcoin before the next big move.

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I will be watching this closely to see where it hits rock bottom. But for now, it looks like another big altcoin has already done so, which could clear the way.

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