Upon reaching the multi-month resistance at $12,500, the buyers were unable to push Bitcoin (BTC) higher, the struggle which translated to the bearish pinbar candlestick that ultimately led to a large 19% drop at the beginning of September that took the first cryptocurrency back to the macro support at $10,000.
1-week BTC/USDT chart
The failed breakout kept BTC range-bound, a continuation of the largely unimpressive performance during the second half of 2020 on the part of the forefather of all cryptocurrencies. At the same time, the Bitcoin dominance kept on sliding down from 67,11% seen during May to the current 57,9%, while the capitalization of altcoins has been climbing up steadily from 14% to 16%, incentivized by the recent DeFi boom.
BTC dominance chart