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The current Bitcoin price campaign is marked by consolidation around the price level 105,500 USD. Although it reached the height 106,807 USD, since then he returned to USD 105,500, and its dominance was also witnessed by a slight fall. In particular, the Bitcoin, BTC.D domination rate, which measures its participation in the total cryptographic market capitalization, has stuck in a deadline about 64% in recent weeks.
THis stopping behavior caught the attention of a certified market analyst, especially in the featherlight of many Altcoins fighting to gain pace in an environment dominated by the influx of Bitcoin.
The domination of BTC hits the resistance, warnings about the candlestick
According to the certified CMT analyst level III ton “The Bull” Severino, 64% region on the Bitcoin domination chart (BTC.D) Mark a significant reversal point. Sharing your insights along with the technical table of domination of Bitcoin market capitalization on a monthly time, Severino pointed out that the latest monthly candlestick created Doji at the bottom of the previous falling window.
In the Japanese candle theory, such “windows” are not only gaps, but serve as critical support or resistance zones. According to Severino, the fact that BTC.D has created a candle of Doji exactly in this window is the reaction of the manual suggesting that the domination rally may lose strength.
This candle structure focuses on how the current monthly candle holder takes place. If the current monthly candle becomes an evening star and closes below 62%, the chances that the dominance of Bitcoins increases significantly.
Altcoin season is not quite yet
As Tony noted, if the candlestick of Bitcoin’s dominance this month creates a pattern of the evening star and closes below 62%, it has a great opportunity End marking Current domination of cryptocurrency. However, the analyst added a key caveat: BTC.D Clanted the force indicator (RSI) in the previous month above 70, still suggesting a mighty momentum and maintaining a larger trend in the stream.
Despite these early signals, Severino warned Against the pistol. Although technical evidence indicates a possible compact -term reversal of domination, he explained that it does not necessarily guarantee a full -fledged Altcoin season. In his words: “I’m still not thinking that we will get a typical Altcoin season, but I see some of the first signs that BTC.D can reverse here.”
For now, Bitcoin it still stays on the constant Above USD 105,000, and as long as BTC.D is convincingly below 62%, the cryptocurrency is in domination. Nevertheless, the Altcoin market may soon look at it The first real window of possibilities in months.
At the time of writing, Bitcoin trades for USD 105,500, which is a 0.1% decrease in the last 24 hours. The domination of Bitcoins is currently 63.1%, which is a decrease of 0.57% in the last 24 hours. On the other hand, Ethereum increased its market share by 2.13% to 9.6%.
A distinguished picture from Adobe, chart from TradingView.com
