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Bitcoin’s current price action is marked by consolidation around the price level of $ 105,500. Although reaches an intrajour summit $ 106,807, he has since returned to $ 105,500 and his domination has also witnessed a minor fall. In particular, the metric of the domination of Bitcoin, the BTC.D, which measures its share of the total market capitalization of cryptography, has blocked the level of 64% in recent weeks.
TIts dropout behavior drew the attention of a certified market analyst, in particular in the light of many altcoins which find it difficult to take momentum in an environment dominated by Bitcoin swelling.
The domination of the BTC strikes the resistance, the flash warnings of the candlesticks
According to certified Level III CMT Tony analyst “The Bull” Severino, the region of 64% on the Bitcoin Dominance graph (BTC.D) could Mark a significant inversion point. Sharing his ideas alongside a technical table of the domination of the Bitcoin market capitalization on the monthly period, Severino stressed that the last monthly candlestick had formed a doji at the bottom of a previous fall window.
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In the theory of the Japanese candlestick, these “windows” are not only gaps to fill but serve as critical areas of support or resistance. The fact that BTC.D formed a Doji candle at this window, according to Severino, is a manual reaction suggesting that the dominance rally can lose strength.
This candlelight structure emphasizes how the current monthly candlestick takes place. If the current monthly candle becomes a evening star candlestick and closes below 62%, the chances of the domination of Bitcoin which roll increases considerably.
Altcoin season not yet there
As Tony noted, if the Bitcoin dominance candlestick this month forms an evening star model and closes below 62%, it has a strong possibility of mark out The current domination of cryptocurrency. However, the analyst added a key warning: the relative resistance index of BTC.D (RSI) closed the previous month above 70, always suggesting a strong dynamic and keeping the largest trend in flow.
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Despite these first signals, Severino warned against jumping the pistol. Although technical evidence indicates a possible short -term reversal of domination, he said that he does not necessarily guarantee a full -fledged Altcoin season. Depending on his words, “I am still not of the state of mind that we will get a typical Altcoin season, but I see some of the first signs that BTC.D could reverse here.”
For the moment, Bitcoin Continue to stay stable Above $ 105,000, and until BTC.D breaks convincingly below 62%, cryptocurrency is dominated. Nevertheless, the Altcoin market could soon look at its First real opportunity window In months.
At the time of writing this document, Bitcoin is negotiated at $ 105,500, down 0.1% in the last 24 hours. Bitcoin domination is currently 63.1%, down 0.57% in the last 24 hours. Ethereum, on the other hand, increased its market share by 2.13% to 9.6%.
Adobe Stock star image, tradingView.com graphic
