There is a major support level at 1.05, and a lesser support level at .95. Those are the only two barriers from a price action perspective on the monthly chart standing between here and .85. It is also worth noting that we have been in a pattern of lower highs since the 2008 financial crisis, so the momentum to .85 has been building for some time.
In fact, for the past two and a half months (since December 14 of 2019), Bitcoin’s price and dominance have been strongly inversely correlated: a 95% confidence interval puts correlation between -.92 and -.81, which is nothing short of stunning; it basically reveals that an increase in Bitcoin’s price is almost certainly accompanied by a decrease in its dominance level.
We observed the correlation with Bitcoin’s price and the transaction volume of the preceding 1 – 7 days, and found day 4 had the strongest correlation — suggesting that previous transaction count may have some predictive power in terms of Bitcoin’s price.