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

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

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.

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.

"So far: Just a corrective move in an up-trending market. Even $8,800 wouldn't be that bad.".

Historically, 2020 remains a record year for volume-weighted average price.

Several prominent figures have delivered highly bullish short-term price forecasts - these include a $27,000 price tag by August from Fundstrat's Tom Lee.

Across the top twenty cryptocurrencies by market cap, moves of around 1% characterized markets, only Litecoin breaking the trend with 3% 24-hour gains.

Ether, the largest altcoin, was stationary compared to Friday and trading at just above $260.Ether 7-day price chart.

The overall cryptocurrency market cap was $280 billion at press time, with Bitcoin's share at 62.7% - its lowest since July 2019.Keep track of top crypto markets in real time here.