Imo, it's simply Bitcoin's dominance struggling to move higher. Not something I've ever said before or considered relevant, but now it appears highly correlated. For the past 2 months or so Bitcoin's rise in value has correlated with a rise (reclamation) in it's domination. The corrections and sideways price actions has resulted in BTC dominance decreasing. Unlike in early 2021, BTC dominance decreasing is no longer bullish for Bitcoin, it has inherently become bearish. Bitcoin needs to break out of it's dominance's long-term downtrend, this is the only bearish factor I see in it's charts right now. Whether considered relevant or not.



Back above 45% and dominance can move to 50%, even 60%. This would likely mean a move to $80-100K if the dominance correlation to price remains relevant.