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Bitcoin domination (btc.d) Continue to put pressure on the broader crypto market, casting shadows on the outlook The incoming altcoin season. Despite recent volatility and market declines, crypto analysts have observed that Bitcoin’s advantage remains firmly rising, indicating that capital remains concentrated on major cryptocurrencies. They argue that this trend is hindering anything meaningful Altcoin breakout It may last as long as there is no critical change in market structure.
The Altcoin season has become suffocating as the dominant surge in Bitcoin
Bitcoin’s dominance in the cryptocurrency market has bolstered its grip and crushed hopes of an imminent altcoin season. According to recent technical analysis Posted On X (formerly Twitter) by market expert Tony Severino, Bitcoin’s market capitalization dominance reached 65.72% each month and both Relative Strength Index (RSI) Measurements above 70 important levels.
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At the time of analysis, the monthly timeline RSI was 73.19 and was registered at 70.58 per week. Buyed territory. These levels usually reflect and demonstrate strong momentum and expanded bullishness Bitcoin commands for the crypto market It’s still growing strong.
Seveno shared Bitcoin domination and RSI dual chart views in weekly and monthly time frames, highlighting the candlestick structure that supports Bitcoin’s continued upward momentum. btc.d I’m climbing Starting from the second half of 2023. RSI values maintain a comfortable moving average (MA) baseline of 67.31 and 65.42 respectively, indicating sustained strength rather than signs of immediate fatigue.
As long as Bitcoin’s dominance holds these rising RSI levels in the main time frame, Severino suggests that altcoins are likely to continue to suffer a decline in performance. Delaying the long-awaited altcoin season. Analysts emphasize that the meaningful benefits of Altcoins will not begin until BTC.D begins to fade and RSI readings fall below 70. Capital spinning into alternative cryptocurrencies.
Until such pullbacks occur, analysts argue that weekly and monthly BTC.D and RSI charts strongly indicate that expectations for this cycle of AltCoin season are premature.
Dragonfly doji form on btc.d chart
In another one xPostSeverino announced that Bitcoin control has been potentially formed Dragonfly’s breasts Weekly charts. With four days remaining in weekly sessions, analysts point out that while a clear candle pattern is still developing, it resembles the classic Dragon Friedge, which now features a long underneath core and near the opening.
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Usually, this chart pattern is considered a Bullish inverted signal It shows a likely momentum when it appears at the bottom of a downtrend. However, in this case it appeared during a BTC.D’s wider uptrendscreate more complex technical images.
Severino believes that Dragon Friedge can represent a continuation of current momentum or a temporary pause in the market direction. When the candle evolves into a larger bullish body and closes above the 65.65% level, it may confirm further strengthening Bitcoin’s growth market advantage compared to altcoins.
Pixabay featured images, charts on tradingView.com
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