Bitcoin Dominance Holds Altcoin Season At Bay, Analyst Says No Upside Until This Happens
Bitcoin Dominance (BTC.D) is currently at 65.72%, significantly impacting the broader cryptocurrency market and stifling hopes for an altcoin season. Technical analysis indicates that Bitcoin's Relative Strength Index (RSI) readings are above 70, suggesting strong momentum and an extended bullish trend. The monthly RSI is at 73.19, while the weekly RSI is at 70.58, both indicating sustained strength. As long as BTC.D maintains these elevated levels, altcoins are expected to underperform, delaying any potential altcoin season. A Dragonfly Doji pattern has formed on the weekly BTC.D chart, which could signal either a continuation of momentum or a temporary pause. Confirmation of further strengthening in Bitcoin's dominance may occur if the candle closes above 65.65%.
