bitcoin has been struggling to reclaim the $100,000 mark, facing persistent resistance and finding strong support around $94,000. Yesterday brought an interesting twist to the cryptocurrency market. While btc dealt with selling pressure and volatility, Altcoins stole the show, with many posting impressive gains of over 10%. This change suggests a possible change in market dynamics.
Prominent analyst Jelle recently shared insightful data on x, highlighting a significant development in bitcoin's dominance chart. According to Jelle, btc dominance has been broken and the breakout has been confirmed, indicating a possible shift in capital flow towards Altcoins. This trend suggests that an Altseason, a period characterized by massive gains in Altcoins, could be on the horizon.
Historically, alt seasons have followed periods of btc consolidation as investors seek higher returns in alternative cryptocurrencies. With btc's dominance weakening and altcoins showing strength, the coming weeks could provide interesting opportunities for traders and investors looking to diversify their portfolios. As bitcoin continues its battle to break six figures, attention may temporarily shift to Altcoins poised for explosive growth.
bitcoin euphoria spreads to altcoins
The recent euphoria that bitcoin has experienced in recent months is beginning to shift towards Altcoins, a natural flow in the cryptocurrency market where liquidity generally shifts from btc to alternative cryptocurrencies. This shift is becoming more evident as recent price fluctuations suggest that Altcoins are preparing for a surge. Following bitcoin's dominance and bullish market sentiment, Altcoins are now showing signs of strength, with many of them posting impressive gains.
Top analyst Jelle recently <a target="_blank" href="https://x.com/CryptoJelleNL/status/1871484434094190712″ target=”_blank” rel=”noopener nofollow”>shared a detailed technical analysis on xrevealing that bitcoin's dominance has been broken and confirmed this break, which could usher in a new phase in the market. According to Jelle, the next alt-season, which historically follows periods of btc consolidation, could be just around the corner, with great potential to begin in 2025.
Once bitcoin dominance falls below the critical 55% level, a massive Altseason is likely. This could lead to explosive price movements in Altcoins, offering traders and investors a new opportunity for growth.
As btc struggles to maintain dominance and faces resistance at key levels, Altcoins may become the next big winners. The combination of market sentiment, liquidity changes, and key technical failures suggests that the coming months could be filled with strong performances from alternative cryptocurrencies.
btc maintains key demand levels
bitcoin is currently trading at $94,000 after testing the $92,000 level once again and holding it as strong support. This key demand zone has proven resilient, indicating that buyers are still active around this level.
If btc manages to stay above the $95,000 mark in the coming days, it will likely reclaim the $100,000 threshold, confirming the continuation of the bullish trend. However, there is a high risk of a drop below $92,000, which would trigger a sell-off and could lead to a deeper correction.
If btc holds above $92,000, it would indicate strength and support the bullish outlook, providing confidence to investors. On the other hand, if the price fails to hold this support level and falls below $92,000, it would suggest weakness and could lead to further selling pressure, which could push the price lower.
In the immediate short term, staying above $92,000 is critical to maintaining momentum. Failure to do so could alter market sentiment and lead to a shift towards bearish price action. Therefore, the next few days will be critical in determining the direction of bitcoin in the short term.
Featured image of Dall-E, TradingView chart
