Many crypto investors are Anticipating a full -fledged Altcoin season Where many altcoins completely surpass bitcoin. This feeling is revealed by different perspectives, especially now that the domination of bitcoin has resurrected to a major rejection area. However, Bitcoin's domination tells a different story.
In particular, the dominance of Bitcoin broke over the region of 63.96% and approaches a critical area around 64.45%. According to the Crypto Rekt Capital analyst, a fence above this level could remove all the hopes of an Altcoin season.
Bitcoin domination pushes towards the key historical threshold
Bitcoin's domination in the cryptography market continued to rage, even during its price correction, which highlighted most of the April prices action. In the current state of things, the dominance of Bitcoin is now at levels visible for the last time in 2021, at the height of the Taurus rally. How it goes here could determine the fate of an Altcoin season.
Which makes the Interesting current Bitcoin dominance is the consistency and the duration of the trend. After having burst from a downward channel in 2023, the domination of Bitcoin reached a clean upward trend, supported by a strong ascending trend. The new most recent test of the area of 57.68% to 59%, marked by a black circle in the monthly BTC dominance table below, has caused a new wave which now threatens to transform the region of 64% of the resistance in support.
It was highlighted in an article on XWhere Rekt Capital noted that dominance is now at its highest level that we have not seen since the beginning of 2021. Now there is Uus on the question of whether the domination of Bitcoin manages to close the month of April above the level of 64%, and especially if it takes the level of support to a retest, because it could delay or even delete the force of a Rally Altcoin.
He explained that in such a scenario, the tendency to dominate Bitcoin would be reinforced and would probably target the next historic resistance zone almost 71%, a level reached in 2019 for the last time. Such an extension of the domination of Bitcoin would naturally be to the detriment of the market share of Altcoin. In short, the longer the bitcoin, the smaller the window for an Altcoin season.
Short -term Altcoin window always possible
Rekt Capital recognized that a In short Altcoin window Could still arise if the domination of Bitcoin begins to fluctuate near the region by 64%. However, he warned that such a period would be marked by great volatility and would probably be short -lived. At the time of writing the editorial staff, the dominance of Bitcoin is 63.2%, after recently reached a 63.6% summit in the past 24 hours.
A decisive monthly fence in the coming days could determine the larger market structure before May. Altcoin holders hoping for a major rally might want to look at this graph more than Any configuration of individual cryptoBecause if bitcoin continues to dominate, the window Altcoins could shrink quickly.
Adobe Stock star image, tradingView.com graphic
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