Bitcoin Breakout Lures Pullback Expectations Amid Bearish Divergences and ALT Pressure
Bitcoin has broken above its short-term resistance level but experts still expect a pullback. The cryptocurrency closed above the overhead resistance, and the OBV (On Balance Volume) is moving up on falling volume. However, this improvement in OBV came with decreasing buying pressure, as the RSI (Relative Strength Index) pushed into a historical support line that has failed twice before.
The hourly chart of Bitcoin shows a still-present saw-wave/retrace pattern and two fresh bearish divergences have appeared. The market remains inside the Stop Loss Hunting Alert window, which means that the breakout is real but the pullback thesis remains intact.
Ethereum barely escaped short-term support on Wednesday's push but failed another break of TBO Resistance. Analysts are leaning towards ETH losing this support level and falling lower due to increasing Bitcoin dominance, which puts more pressure on Alternative Tokens (ALTs). Dominance measures market share, not spot price, so this is an ALT-pressure read rather than a direct BTC price prediction.
The crypto tape remains defensive as Ethereum dominance bounced from the Fast line but is expected to continue. SOL dominance looks strong bearish and TOTALES OBV tagged its white moving average, which is resistance for now. Other signals support a defensive view of ALTs without claiming that dominance alone dictates Bitcoin's spot direction.
Gold has finally broken out alongside a stronger metals complex, rising more than 4% and moving above the first resistance fan line. Silver also gained about 4%, platinum pierced overhead resistance near its weekly Fast line, copper printed a new high and likely exhaustion breakout, and uranium printed a Close Short.