For the first time since the halving, Bitcoin has moved above its price during the event. Yesterday, in trading, Bitcoin had its biggest upside move since the 4th block reward having occurred on April 19th, period. That move took BTC over 7.5% higher or around $4,700 on the day. Today's action, although posting a decline of 1.5% or just under $1,000 contains indications that future gains on the horizon.

Bitcoin’s decline today is exceedingly bullish. Printing a higher high of $66,766, but most importantly is set to close above the 50-day simple moving average. An achievement not seen over the last 30 days. Today’s candlestick contains a body that is entirely inside the cloud of our Ichimoku indicator. This signals to us that the “kumu” or cloud represents both support and resistance. The color of the cloud is red which might give a downside break a higher likelihood however, the bottom of the kumu matches up precisely with the 50-day SMA. So an upside breakout of the cloud is to be expected.

Yesterday's substantial rise in BTC was fueled by a lower-than-expected CPI report for April. This data suggesting that inflation may once again be slowing down bolstered the largest cryptocurrency as well as many other markets, including the precious metals, which also experienced a landmark rise on May 15th.

This, of course, had the opposite effect on the U.S. dollar index, which on May 15th broke through a critical level of support, just above 105. Now the dollar index sits at 104.49 after gaining two-tenths of a percent today, there is very slight technical support at 104. However, a fall to around 102 on the dollar index is likely within the next few weeks, which will help to bolster the price of Bitcoin as well as other markets that trade against the U.S. dollar.

Although, a slew of alternative cryptocurrencies joined Bitcoin yesterday in pumping to the upside. There was a standout amongst the crowd, and it is a coin that I have been a strong believer in for a long time. I am referring to Solana, which out of the top cryptocurrencies by market cap is the only one other than Bitcoin that is still boasting gains on the weak. Both Sol and BTC are up around 4% over the last 7 days, while most other big cap cryptos are posting drawdowns for this week. Also, Solana happened to be able to hold on to its gains from yesterday as it even made a higher high and currently is at its closing price of  yesterday, forming a pure doji on a daily chart.

Also, another prediction I have made that is playing out before our eyes is the makeover of the altcoin space by, of course, Solana, who else? Since May 2023, the market dominance of SOL has grown by 400%, while Ethereum's market dominance has fallen by 25% during the same period.

Bitcoin's own market dominance has too seen an explosive growth in its share of the crypto markets. In May of last year, it was sitting at a respectable 48%. Recently it has dominated not only the headlines but the markets as well. Since April, BTC now accounts for 56% of the total crypto market, a height it has not been able to reach since 2021.

While Solana will undoubtedly continue to grow its portion of the Crypto and Web3 sectors and its market dominance will follow its ascent towards the moons of Jupiter (LOL). While Bitcoin only needs to maintain its current dominance level to reach prices north of $200,000 by the end of 2025. Solana will peak at around $450 — $500 at its four-year cycle high that we have only just begun.

For anyone interested in our Bitcoin market updates simply click this link to sign up for our free service.