The Daily candles for Bitcoin and Bitcoin Dominance both closed lower today.
However, we need a stronger decline from Bitcoin Dominance and more clarity from Bitcoin. Bitcoin can move in either direction from the current location.
One more bearish Daily candle can decline towards the $73,500 support. On the other hand, a strong bullish engulfing candle can push the market higher.
Above $82,000 is the next bullish territory. My focus will be on the lower time frame tomorrow. Holding above $79,500 will offer further upside and a long opportunity.
Below that, sideways volatility will be there. Bitcoin's overall price action will impact altcoins.
The U.S. House just canceled its final two September voting weeks, leaving lawmakers with only 4 days to get work done before the midterms.
That puts the CLARITY Act in a much tighter spot. If the Senate changes the bill, the House may need to vote on it again. With so little time left, that could push the final decision into the November lame-duck session.
The bill isn’t dead. But right now, timing is the biggest problem.
We now have President Trump threatening to "stop trading" with all countries that the US has a trade deficit with if the Fed does not CUT rates.
This would effectively cut off trade with ~50% of all US trading partners, including Mexico, China, Taiwan, Germany, Japan, South Korea, Canada, and India.
Trump says the Supreme Court has ruled that he has an "absolute right" to do so.
Meanwhile, the market now thinks Fed Chair Warsh, who was just appointed by President Trump, will HIKE rates in his first rate move.
Just months ago, President Trump said it was a precondition that his Fed Chair appointee is willing to cut rates.
September 16th marks the next Fed decision.
If the Fed doesn't cut rates on September 16th, a potential of $300+ billion in monthly US trade volume could apparently come to a halt.
Bitcoin dominance has decisively broken through local resistance and established acceptance above the psychological 60.00% mark, confirming a bullish break of structure.
Technical picture: The metric has bounced off dynamic support levels and the green 59.10% – 59.40% block, entering an active expansion phase. Market liquidity is currently rotating predominantly into the primary cryptocurrency.
Scenario and targets: I expect the upward continuation to unfold via local consolidations. The primary medium-term target sits in the liquidity sweep zone around the weak highs near 63.50%.
During this phase of surging dominance, Bitcoin will serve as the primary market engine, so approach altcoin positions with heightened caution.
SC02 M5 - pending Long order. Entry lies within LVN + meets positive simplification with a previously highly profitable Long order, the current support zone is around 6.29% wide. The uptrend has lasted 19 hours 20 minutes, with the largest recorded price increase at 46.35%. If price loses this support zone, the trend will likely reverse downward.