Bitcoin Dominance 6-Month Low Doesn’t Mean Price Is ‘Ultra-Bearish’

Bitcoin (BTC) continued trading in a narrow corridor on Feb. 22 as markets awaited fresh action after last week’s sudden 8% price drop.

Cryptocurrency market daily overview. Source: Coin360

BTC “correcting in an uptrending market”

Data from Coin360 and Cointelegraph Markets showed BTC/USD spending another day in a stable zone between $9,500 and $9,800, having stayed there since Thursday.

Previously, traders had reacted with bewilderment as the pair dumped almost $1,000 in a matter of minutes, firmly rejecting turning $10,500 resistance into support.

Bitcoin 7-day price chart. Source: Coin360

The motives behind the event remain unclear, but market participants are yet to deliver a bearish verdict on Bitcoin overall.

For Cointelegraph Markets analyst Michaël van de Poppe, even fresh losses would not necessarily be a cause for concern.

“…I’m not seeing anything ultra bearish in particular,” he summarized in a tweet on Friday. 

“So far: Just a corrective move in an up-trending…