Ethereum Outperforms Bitcoin to End the Week Strong, BTC Dominance Falls-See Weekly Market Update

Cryptocurrency markets are trading sideways, with Ethereum outperforming Bitcoin to end the week strong.

Major cryptocurrency markets are trading sideways on Friday, with Ethereum outperforming Bitcoin to end the week strong.

After a period of consolidation, Bitcoin prices dropped below the $63,000 level on Friday.

Chart analysis by a crypto trader, known as Cold Blooded Shiller, shows that Bitcoin is approaching crucial test zones.

According to the trader, the response to these zones will determine whether demand is bounced or swept.

Trader Cold Blooded Shiller's analysis. (screenshot)

Meanwhile, trader Rekt Capital has observed that Bitcoin dominance is falling, which aligns with historical trends at these levels.

The trader compares the current situation to mid-April 2019, when Bitcoin dominance also experienced a decline.

Capital highlights that dominance is now retesting a key level to confirm a breakout across the macro range.

A chart shared by More Crypto Online shows that Bitcoin has been trading within a specific price range since March.

According to the chart, if the price moves higher towards the $67,000 zone, the trend line could present additional resistance.

Finally, Steve Courtney has noted that Bitcoin’s Relative Strength Index (RSI) has broken out of its downtrend.

The trader points out a previous pivot high at 55, which is being closely watched to establish a new higher high.