Bitcoin Breaks Resistance, But Analysts Expect Pullback Amid Rising Dominance

Bitcoin has broken above its short-term overhead resistance, but analysts still expect a pullback. The cryptocurrency's recent hourly saw-wave/retrace pattern remains in place, and two fresh bearish divergences have appeared on the hourly chart.

The OBV (On Balance Volume) is moving up, but this improvement came on falling volume, which could indicate that buyers are not as strong as they seem. The RSI (Relative Strength Index) has pushed into a historical support line that failed on the prior two tests.

Ethereum barely escaped short-term support on Wednesday's push, but it failed another break of TBO Resistance. Analysts lean toward ETH losing this support level and falling lower.

The rising Bitcoin dominance could pressure alternative coins (ALTs), as dominance measures market share, not spot price. If BTC dominance continues to move higher, it should put more pressure on ALTs.