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THE Bitcoin Dominance (BTC.D) continues to exert pressure on the wider market of cryptography, throwing a shadow on the prospects of a Entranting Altcoin season. Despite volatility and recent decline on the market, a cryptographic analyst observes that the domination of Bitcoin remains firmly high, indicating that capital is still concentrated in the main cryptocurrency. This trend, according to them, prevents any significant Breakout for Altcoins And could persist unless a decisive change in the market structure occurs.
The Altcoin season stifled while the domination of the bitcoin increases
The domination of bitcoin in the cryptocurrency market tightens its grip, crushing the hopes of an imminent Altcoin season. According to a recent technical analysis poster On X (formerly Twitter) by market expert Tony Severino, the domination of capitalization Bitcoin reached 65.72% with the two monthly and Relative force index (RSI) Readings pushing above the critic level 70.
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At the time of the analysis, the RSI on the monthly chronology was 73.19, while the weekly registered at 70.58 – both firmly in exaggerated territory. These levels generally reflect significant impulse and extensive upward conditions, indicating that Bitcoin command on the cryptography market is always strong and growing.
Severino shared a double graphic view of the domination of Bitcoin and RSI within the weekly and monthly deadlines, highlighting the candlelight structures which support the continuous ascending moment of Bitcoin. BTC.D climbed Since the end of 2023. RSI values ​​also remain comfortably above their basic lines of the respective MOBOR (MA) of 67.31 and 65.42, indicating sustained resistance rather than immediate exhaustion signs.
As long as the domination of the bitcoin holds these high levels of RSI in their main deadlines, Severino suggests that altcoins will probably continue to underperform, further delay the long -awaited Altcoin season. The analyst stresses that the significant increase for altcoins will not start as long as BTC.D begins to decline and that RSI readings fall below 70 – signaling a change in feeling and market force which could allow Capital to turn in alternative cryptocurrencies.
Until a decline occurs, the analyst maintains that the weekly and monthly graphs BTC.D and RSI strongly indicate that the expectations of an altcoin season this cycle remains premature.
Dragonfly doji Forms on the Btc.d graphic
In another X postSeverino has announced that the domination of the bitcoin has potentially formed a Dragonfly on the weekly graphic. With four days to play in the weekly session, the analyst notes that the distinct candle model is still in development but currently resembles the classic dragonfly doji, characterized by a long lower wick and a near the opening price.
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As a rule, this graphic model is considered to be a Haussier inversion signal When it appears at the bottom of a downward trend, indicating a possible upward momentum. However, in this case, he emerged during a wider trend in btc.dCreating a more complicated technical image.
Severino believes that the Doji de Libellule could represent a continuation of the current momentum, a temporary break in the direction of the market. If the candle evolves towards a larger bull’s bull and closes above the level of 65.65%, it can further confirm the strengthening of the growing domination of the Bitcoin market compared to altcoins.
Pixabay star image, tradingView.com graphic
