Bitcoin Price Bounces to $10.5K as Dominance Rate Passes 70%

View Bitcoin's price recovery from the Aug. 29 low of $9,320 is backed by an uptick in the dominance rate to 30-month highs.

Bitcoin is flashing green at press time, while its share of the cryptocurrency market has reached at 30-month highs above 70 percent.

The gains seen in the last four days look sustainable and could be extended further, as BTC's dominance rate - the cryptocurrency's share of the total crypto market - has jumped to 70.10 percent, the highest level since March 2017, according to CoinMarketCap.

The gauge stood at 69 percent on Aug. 29, when BTC's price slipped to one-month lows below $9,400.

Many observers consider price gains sustainable if they are backed by a rise in the dominance rate, as discussed last month.

The green bars seen in the last four days on the hourly chart are smaller compared to the red bars seen during bitcoin's drop to one-month lows on Aug.29.

Put simply, the price bounce seen in the last four days lacks substance and a pullback, possibly to $9,750.

The outlook as per the daily chart would turn bullish if prices print a UTC close above $10,956 on high buying volumes.

The bitcoin bulls have failed four times in the last 10 weeks to secure a weekly close above $12,000.

Bitcoin image via Shutterstock; charts by Trading View.