BTC Rally Continues

BTC 4hr candle chart, approximately 8:35am ET, 10/6/2021.

BTC’s rally continues over 52k as momentum swings upward. This area is a key range of resistance that we’ve previously tested last month. BTC dominance is increasing as well at 44.4% at the time of posting, indicating that Bitcoin is starting to take up more of the overall cryptocurrency market and is outpacing a decent portion of it.

ETH/BTC ratio 4hr candle chart, approximately 8:40am ET, 10/6/21.

This can be seen clearly in the ETH/BTC ratio with BTC showing clear signs that it’s outpacing the smaller Ethereum. However, it should be noted that this ratio is nearing monthly support, so if ETH holds in this area, we may start to see ETH rise in its ratio to BTC shortly after. This could be caused by BTC settling in a consolidation pattern or dipping slightly, or it could be caused by Ethereum starting to follow in BTC’s footsteps and outpacing it.

If support does not hold, we may see BTC dominance continue to increase and BTC continue to outpace Ethereum and potentially the broader market as well.