Bitcoin Dominance: Breakout or fakeout?

A reader asked my opinion about Bitcoin's resilience, both in the short squeeze of last night and today's decline that ensued after Amazon denied crypto acceptance rumors. I'm legitimately worried about the latest development, as the Bitcoin Dominance seems to be pushing out of the triangle, in the opposite direction I was expecting. If it makes a new ATH in the upcoming days above 49, this may invalidate my bullish scenario for crypto as a whole. Tomorrow July 28th, Gary Gensler may provide clues on how the US government plans to regulate 1) centralized exchanges, 2) stablecoins and 3) equity tokens. This might have a significant impact on the market. We will have to watch closely.