Many crypto investors are Expectation of a full-grown Altcoin season Where many overall Bitcoin exceed. This feeling is revealed by different prospects, especially now that Bitcoin dominance has risen to a large rejection zone. However, the Bitcoin dominance tells a different story.
Remarkably, the Bitcoin dominance has broken back over the 63.96% region and is approaching a critical zone by 64.45%. According to the Crypto Analyst Rekt Capital, a conclusion over this level could suppress all hopes for an altcoin season.
The Bitcoin dominance presses the important historical threshold
The dominance of Bitcoin via the cryptomarkt continued during its price correction, which highlighted most of the prize campaign in April in April. The way it looks, the Bitcoin dominance is now last in 2021 during the height of the bull rally. As it plays out here, the fate of an Altcoin season could determine.
What does it make Current Bitcoin dominance interesting is the consistency and duration of the trend. After the Bitcoin dominance had broken out from a downward downward channel in 2023, it was placed on an increase in the promotion effort, which is supported by a strong rising trend line. The latest repetition of the area of 57.68% to 59%, which is marked by a black circle in the monthly BTC dominance card, has caused a new increase that is now threatening to transform the 64% region from resistance into support.
That was highlighted in a post on XWhere Rekt Capital found that the dominance is now at the highest level that has not been seen since the beginning of 2021. Now the responsibility is whether Bitcoins dominance closes the month of April over the level of 64%, and especially if the level turns on to the support on the repetition, as this delays or even suppresses the strength of an Altcoin rally.
He explained that Bitcoin’s dominance in such a scenario would be reinforced and would probably be targeted to the next historical resistance zone near 71%, which was last achieved in 2019. Such an extension of the Bitcoin dominance would of course lead at the expense of the Altcoin market share. In short, the dominates Bitcoin dominates longer, the smaller the window for an altcoin season.
Short-term altcoin window still possible
Rekt Capital admitted that A Short altcoin window Could still appear if the Bitcoin dominance fluctuates near the 64% region. However, he warned that such a period would be characterized by high volatility and would probably only be short -lived. At the time of writing, the Bitcoin dominance is 63.2% after it has recently reached 63.6% for a year.
A decisive monthly closure in the next few days could determine the wider market structure in May. Altcoin owners who hope for a big rally may want to look at this table more than Every single crypto setupBecause if Bitcoin continues to dominate, the window for Old coins could narrow quickly.
Selected picture of Adobe Stock, diagram of tradingview.com
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