Main Takeaways:-
- Bitcoin held onto the $65K support as miners and short-term holders indicated the signal of allocation.
- Declining BTC dominance suggested a possible capital move toward altcoins in the upcoming weeks.
- Bitcoin (BTC) is indicating the signal of tension as it holds on to the $65k support level, sparking concern throughout the market.
As price swings return and warning signals appear, traders are speculating what is really happening. Is this just a normal dip, or could it be the start of a bigger move of money in a new direction?
As Bitcoin holds steady, the chances of an altcoin rally later this year are starting to look more likely.
Bitcoin: The Significance of Reaching $65K
Bitcoin’s $65k level is becoming a crucial support zone, with important indicators showing warning signals. The alpha price chart indicates price stabilization slightly above critical support levels, indicating continuous selling.
On the other hand, the CVDD Channel points out $66.3K (CVDD x 2.618) as the first support level, with a lower support level close to $61K (CVDD x 2).
A collapse under these levels could show heightened downward force. At the same time, BTC has not broken support yet, but the data shows that it is very close to a turning point.
This leads to guesses that money might move into altcoins. The next few weeks could decide where the market goes for the rest of the year.
Miners & STHs are Sharing, LTHs Remain Stable
Market sentiment zones disclosed that Bitcoin is hanging in the “worry” to “expectation” zones, a range that in the past has often been linked to times when assets are being redistributed.
Miners and people holding for a short time appear to be selling, and the price is staying in the middle range, showing that there is pressure to sell as people cash out their profits.
On the other hand, LTHs have not started gathering again; their standard buy zones are still undisturbed, and we are not observing clear signals of collection so far.
The lack of strong belief from long-term holders reminds us of past times when prices stayed the same or dropped before a clearer trend began again.
Is Altseason Finally Coming?
At the reporting time, Bitcoin Dominance (BTC.D) remained at 63.3%, pulling back a bit after consistent growth since mid-March. The previous data shows that BTC.D is dipping in strength just beneath the 64% point, a graph that has repeatedly blocked upward movement.
This slowdown suggests that Bitcoin might be losing some of its market power, which could give altcoins a chance to bounce back.
If Bitcoin’s dominance keeps dropping while its price stays steady or moves in a small range, money might start flowing into altcoins. This could be a sign that an altcoin season is starting.
Although it is too soon to be sure, getting rejected multiple times at these high dominance levels could be an early sign of an altcoin season setting up for October.
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Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
