Bitcoin’s Dominance Could Kill Altseason Dreams, Analyst Warns
Bitcoin's price increased to approximately $104,000, recovering from a brief dip to $103,000. The US Federal Reserve maintained steady interest rates, keeping traders vigilant. The Bull Market Support Band, defined by a 20-week simple moving average and a 21-week exponential moving average, has historically supported Bitcoin dominance, which recently fluctuated between 61% and 65%. Analysts express mixed views; some predict a potential drop in dominance before an altcoin season, while others see a double-top pattern that could lead to increased altcoin investment if Bitcoin fails to break resistance. Bitcoin's dominance can be affected by stablecoin influxes or new token launches. The reliability of moving-average support lines may diminish in volatile markets. Currently, Bitcoin remains favored among investors, with its dominance appearing stable unless significant changes occur soon.
