The fresh trading day began with the markets facing an excessive sell-off, causing a huge drop in the market capitalization of over 6%. The Bitcoin price slid from the interim highs of around $72,500, dropped by nearly 10% and reached lows of around $65,600. Having noted that, is it time to worry about the next price action? 

Will the BTC price continue to drop and find new lows?

Usually, the markets are considered to have entered a correction phase, if a drop of over 30% to 40% is recorded. Bulls appear to have remained silent since the early trading hours but are utilising all their strength to prevent the price from entering the support zone between $63,000 and $66,500. This suggests the bulls hold some dominance and hence, traders need to be bullish on this Bitcoin dump.

If the BTC price consolidates and creates distribution, the dominance could get weaker, which may lead to 50% to 51% dominance ahead of the halving. Following this, a significant rise in the altcoins may be expected, where traders may find new tokens to invest in as the BTC may rest for a while. 

Besides, the total market cap, excluding Bitcoin, is trading within a bullish channel. The levels have rebounded from the lower support and are heading towards the upper resistance of the rising wedge. Further, the USDT dominance may also break down, which could be a bullish signal for the entire market. The levels have broken below the multi-year ascending trend line that has been acting as strong support. 

All the indicators point towards the current pullback, which is being looked at as a good opportunity to ‘buy at the dip’ as Bitcoin’s (BTC) price is pe-programmed to hit $100K in the coming days. 

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