Has Bitcoin Reached the Local Top? What’s Next for the BTC Price in 2023?

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The crypto space is relaxing a bit as the prices of the top cryptos are trading within a very narrow range. Bitcoin and Ethereum prices stitch above $28,000 and $1800 respectively with minor price variations. Besides, the strength of the rally is waning slowly which may compel the price to drop notably in the coming days.

The dominance of the star crypto is increasing notably nowadays while the altcoins against Bitcoin are losing their hold. Once the dominance reaches the upper resistance, the possibility of a bearish outlook emerges. 

Bitcoin dominance is rising and reached overbought levels. Alongside, the weekly RSI also reached overbought levels hinting towards the resurgence of the altcoins in a short while from now. The alts may soon outperform Bitocin and when the market turns bullish, these altcoins could soar more quickly than the star crypto. Moreover, if the bearish market begins, these altcoins may decline less compared to that Bitcoin. 

In the meantime, the Bitcoin whales have become active and are transacting a huge amount of BTC. As per the data from Santiment, the 5 largest Bitcoin transactions occurred in 2023 specifically in March. 

The five largest #Bitcoin transactions of 2023 thus far have all happened in March, with the latest one being a 20,000 $BTC transfer today (worth ~$564M). Check out our latest insight on the engaged whale addresses and fluctuating whale supply. https://t.co/L14taXVvqo pic.twitter.com/KFX3bLgHwL

— Santiment (@santimentfeed) March 31, 2023

The huge whale activity may further create huge price variations within the Bitcoin (BTC) price ahead. Therefore, this may be the reason why the token is maintain its calm and strength. However, the upcoming monthly close may have a larger impact on the price that may also influence the trade over the next few months.