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It is important to note that the word “you” means “you”. Bitcoin Dominance (BTC.D) The crypto-market is under pressure, and this has a negative impact on its prospects. incoming altcoin season. A crypto analyst has observed that despite recent market volatility, Bitcoin Dominance is still high, which indicates that the capital remains concentrated on the top cryptocurrency. They argue that this trend is blocking any meaningful breakout for altcoins It could last for a long time unless the market’s structure changes dramatically.
Altcoins are a thing of the past as Bitcoin dominates.
Bitcoin Dominance is inching closer to the top of the market, shattering hopes for an upcoming altcoins season. Recent technical analysis has revealed that Bitcoin is the dominant cryptocurrency on the market. posted On X (formerly Twitter), market expert Tony Severino has revealed that Bitcoin’s dominance in terms of monthly market capitalization and Bitcoin market cap is 65.72%. Relative Strength Index (RSI) The readings are above the 70-point critical level.
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At the time of the analysis, the RSI on the monthly timeline stood at 73.19, while the weekly registered at 70.58—both firmly in overbought territory. These levels are typically a reflection of strong momentum, extended bullish conditions and a positive outlook. Bitcoin’s command over the crypto market It is still growing strong.
Severino provided a dual-chart view of Bitcoin Dominance versus RSI in the weekly time frame and on a monthly basis, highlighting candlesticks that supported Bitcoin’s continued upward momentum. BTC.D Since then, the number of climbers has increased. since late 2023. The RSI value also remains comfortably above its respective Moving Average Baseline (MA), which is 67.31 or 65.42. It indicates that the market has sustained strength and not signs of exhaustion.
Severino believes that altcoins may continue to be underperformed as long as Bitcoin Dominance continues to hold these elevated RSI level across major timeframes. delaying the long-awaited altcoin season. The analyst emphasizes that meaningful upside for altcoins will not begin until BTC.D starts to wane and RSI readings fall below 70—effectively signaling a shift in sentiment and market strength that could allow capital to rotate to alternative cryptocurrencies.
The analyst argues, until such a drop occurs, that weekly and monthly BTC.D charts and RSI charts indicate strongly that any expectation of an altcoin cycle this cycle remains premature.
Dragonfly Doji Forms On BTC.D Chart
Another X postSeverino revealed that Bitcoin Dominance could have potentially formed a Dragonfly Doji On the weekly chart. The analyst observes that with four days remaining in the session weekly, the candle pattern still appears to be developing, but currently resembles a classic Dragonfly Doji. This is characterized by the long lower wick, and the close being near the price of the beginning.
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This chart pattern can be viewed in a variety of ways. bullish reversal signal It is a sign of possible uptrend momentum when it occurs at the bottom if a downtrend. In this instance, however, the indicator has appeared during a broader uptrend in BTC.DThis creates a technical image that is more complex.
Severino thinks that the Dragonfly Doji may either be a continuation or a temporary pause of market momentum. If the candle develops into a bigger bullish body, and closes over the 65.65% mark, this could indicate that Bitcoin continues to grow in market dominance compared with altcoins.
Chart from Tradingview.com, image by Pixabay
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Source: www.newsbtc.com
