The recent chart analysis of Bitcoin indicated multiple slippage indicators that provided insights into market behavior and possible upcoming trends.
The Buy-Side Slippage, tracking buy orders, remained around 7.3, signaling moderate buying activity without considerable market impact. Likewise, the Sell-Side Slippage held near 7.2, which highlighted a similar impact for sell-side orders.
This similarity in buy and sell slippage suggested that the market stayed balanced, with neither side exerting overwhelming pressure.
Furthermore, the Delta Slippage, which is calculated by the difference between buy and sell slippage, remained low at approximately 0.1, which is an indication of minimal momentum favoring either direction.
This low delta value pointed towards a stable market with no dominant bias for buyers or sellers.
Total Slippage, which represented combined slippage across buy and sell orders, also registered at 7.3, further confirming the market’s steadiness and limited volatility at the moment.
BTC Holds on Supertrend, Signaling Uptrend is Still Intact
Despite minor fluctuations, Bitcoin managed to hold onto its Supertrend Indicator, signaling that the recent price dip could be temporary.
This resilience kept investors optimistic, as holding the Supertrend often indicates that the market still supports a continuation of the prevailing trend.
The analysis identified $66,000 as an ideal entry point for long positions, particularly appealing for spot trading which could be the bottom for the correction after BTC hit $72K last week, as at time of writing.
The $66K price level might provide an excellent opportunity for investors aiming to capitalize on a possible upward move in the coming months.
Traders remained cautious but hopeful that these levels would serve as a springboard for Bitcoin to recover and possibly hit new highs.
Overall Crypto Dominance for Top Assets Nearing a Key Level
Another key observation involved Bitcoin’s dominance (BTC.D) alongside ETH, USDT, and USDC dominance (ETH.D + USDT.D + USDC.D). Together, they approached a critical point, hovering around 80.5%, with past topping levels often around 82%.
Analysts believed there might be one final push towards this 82% dominance level before the end of the year, which could drive Bitcoin’s price significantly higher.
If BTC dominance sees this final move, it might be enough momentum to push BTC towards the $100,000 mark before end-of-year (EOY).
Many traders kept their eyes on this critical threshold, as surpassing it might indicate strong buying interest and potentially initiate a substantial price rally.
Bitcoin’s current stability in slippage metrics, its resilience on the Supertrend, and the nearing BTC dominance level collectively paint a picture of potential bullish momentum.
If Bitcoin manages to maintain its current path and leverage increased dominance, a push towards $100K remains a tangible goal as the end of the year approaches.
Investors stayed attentive, eyeing the upcoming price actions that would decide if Bitcoin could truly achieve this ambitious milestone.
