Bitcoin (BTC) continues to dictate market dynamics in the aftermath of its halving event, while altcoins struggle to gain significant traction. Despite a noticeable retreat in its market share dominance (BTC.D), currently at 61.83% after falling from a peak near 66.5%, Bitcoin remains firmly in control. This decline has moved the market out of the intense ‘Alts Max Pain’ zone identified by analysts.
The Altcoin Season Index reinforces the current market phase, registering a low value of 29. Values below 25 typically confirm a definitive ‘Bitcoin Season’, indicating altcoins have yet to muster sustained momentum against the leading cryptocurrency.
Market participants closely monitor the 60.47% level as critical support for BTC.D. A sustained drop below this threshold could potentially signal the beginning of a shift favoring altcoins. Conversely, a price recovery pushing dominance back above 66.5% would definitively reassert Bitcoin’s leadership.
While a breach below the 55.36% support level would strongly suggest a broader altcoin rally is underway, analysts emphasize this key marker has not yet been tested. Presently, altcoins appear trapped in a holding pattern, their fortunes largely dependent on Bitcoin’s direction despite showing isolated signs of strain in BTC.D.