Bitcoin, the king of cryptocurrencies, is once again stealing the spotlight. With its price nearing the critical $100,000 mark, Bitcoin has showcased a 4.3% recovery in just 24 hours, reaching $98,466. This momentum is attracting investors, leaving altcoins in the dust.
As Bitcoin regains its dominance, many are asking: Is the era of altcoins over? Let’s explore Bitcoin’s technical setup, its dominance, and what this shift means for investors.
Resistance
Bitcoin’s price faces a significant challenge at $99,500. This level, where a downward trendline intersects with recent activity, has seen selling pressure intensify, evident from the formation of a tweezers top pattern on the 2-hour chart.
If Bitcoin manages to break above this resistance, it could open doors to higher targets of $102,650 and even $105,400. Such a breakout would reinforce bullish sentiment and could set the stage for a prolonged rally.
Here’s a quick look at key resistance levels:
| Resistance Level | Price (USD) |
|---|---|
| Immediate Resistance | $99,500 |
| Mid-Term Target | $102,650 |
| Long-Term Target | $105,400 |
Support
On the downside, Bitcoin isn’t without its safety nets. The first support level lies at $95,675, followed by $92,230 and $89,850. The 50-day Exponential Moving Average (EMA) at $97,800 also acts as a nearby cushion.
The RSI currently sits at 50, indicating neutral market conditions. Whether Bitcoin breaks out or dips, this balance keeps the market on edge.
Dominance
Bitcoin’s rising dominance is evident. Altcoins, once thriving, now struggle to keep up. This shift marks a potential end to altcoin season, characterized by Bitcoin’s growing market share and declining altcoin confidence.
Here’s a snapshot of dominance trends:
| Metric | Bitcoin | Altcoins |
|---|---|---|
| Current Trend | Rising | Falling |
| Investor Confidence | Strong | Weak |
| Expected Growth | Higher | Stagnant |
A recent tweet sums up the market mood:
“Bitcoin dominance surges, leaving altcoins lagging. If BTC stabilizes above $100K, it could change the game for everyone.”
What It Means for Investors
This is a critical moment for Bitcoin. If it breaks the $99,500 resistance, the market could rally to $102,650 or higher. However, failure to do so might trigger a pullback to $95,675.
For altcoin enthusiasts, patience might be key. With Bitcoin dominance rising, altcoins are struggling to find their footing. This isn’t the time to overleverage. Instead, consider accumulating undervalued assets for the next cycle.
As Bitcoin approaches $100,000, it’s clear the cryptocurrency market is at a turning point. Whether this marks a long-term shift or just a temporary phase depends on Bitcoin’s ability to sustain this momentum.
