Bitcoin Dominance metric has been rising since September 2022. Each strong move upward on Bitcoin was accompanied by a rise in this metric, which highlighted the fact that capital flow was likely directed toward BTC in the market. Above the resistance at $32k, the next significant resistance lay at $37.5k-$38k. Back in May 2022, BTC crashed straight below $38k to end up at the $30k support, which supported the idea that significant resistance might not impede BTC bulls on the way up to $38k.
