

Is Altcoin Season Coming? Bitcoin (BTC) Dominance (BTC.D) Struggles to Break Out of Rising Wedge
As Bitcoin faces persistent resistance around the $60,000 mark, analysts suggest that these conditions could set the stage for an altcoin season.
Cryptocurrency input analysis suggests that altcoin season may be approaching as Bitcoin’s (BTC) dominance (BTC.D) continues to decline.
With Bitcoin facing strong resistance at around the $60,000 level, several analysts believe that this scenario could pave the way for altcoins to shine.
Here's a closer look at the key observations.
As of press time, BTC.D is at 56.91%. Notably, it failed to breach the upper line of its rising wedge on August 5, sparking a downward trend.
This failure to break out of the rising wedge is often interpreted as a bearish signal, indicating that Bitcoin's dominance might be peaking or declining.
As Bitcoin’s dominance decreases, it typically creates opportunities for altcoins to gain market share.
And that's precisely what we've been seeing, with the rising TOTAL2 outperforming since August 5.
TOTAL2, a metric that gauges the combined market capitalization of the top 125 altcoins, currently stands at $870 billion, reflecting a 2% increase since BTC.D began to fall.
This recent trajectory of BTC.D has further fueled speculation among cryptocurrency analysts.
Chris AI, for instance, highlights how Bitcoin dominance faced strong resistance from a larger downward trend, preventing it from breaking above the wedge and setting the stage for further speculation.
“BTC Dominance stopped by the larger downwards sloping trend line and did not manage to break its rising wedge bullish.
This is good news for alts as chances increase that this is rolling over in the near future,” ChrisAI noted on X.
Another analysis by SenseiBR suggests that the BTC.D is forming an “ending diagonal.”
In technical analysis, an ending diagonal is a chart pattern that can indicate a potential trend reversal.
If BTC.D is indeed forming an ending diagonal pattern, it suggests a major shift in market sentiment.
Such shifts typically indicate that Bitcoin's dominance is coming to an end, often leading to a surge in altcoin activity and price appreciation.output analysis suggests that while there are signs of altcoins outperforming Bitcoin, the full-fledged altcoin season, as defined by 75% of the top 50 altcoins outperforming BTC over the past 90 days, has not yet arrived.
Currently, only 14 altcoins, or 28%, have outperformed Bitcoin over this period.
Additionally, TOTAL2, when assessed on a daily chart, is trending within a horizontal channel.
This channel is formed when there is a relative balance between buying and selling pressures, preventing its price from trending strongly in either direction.
The altcoin season will begin fully when TOTAL2 successfully breaks above the channel's upper line, which forms resistance.
This breakout would confirm stronger momentum, signaling a shift away from Bitcoin dominance and opening up room for growth across alternative cryptocurrencies.
The above is the detailed content of Is Altcoin Season Coming? Bitcoin (BTC) Dominance (BTC.D) Struggles to Break Out of Rising Wedge. For more information, please follow other related articles on the PHP Chinese website!

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