BTC price today dropped drastically under $55000, invalidating anticipations of starting altcoin season. Bitcoin registered the worst weekly performance this year, it was in this zone 4 months before in February.
This downtrend is the trail to events that started when Bitcoin hit an all-time high of $73,803 in March—the Spot ETF influx, the liquidations, US elections uncertainty, and now the MT Gox repayments. Even though the greedy events occurred, the feary events had a strong impact that caused the largest cryptocurrency to drive down 21% from its time high.
Some notable altcoins have also printed double-digit losses, invalidating the speculations of the beginning of the altcoin season.
In an analysis, the Raw buying and selling pressure indicator shows how buying and selling pressure seems to find a neutral stage. A pullback from here expected
At press time Bitcoin’s price is $54,308 with marketcap dominance of 55.20%, which had dropped from 53% last week after the BTC price slipped below the psychological support level of $57,000.
BTC’s dominance in the overall picture is under the uptrend line created at the beginning of the year. The BTC.D traveling below this line is crucial unless a pull black above this is done.
Bitcoin Domaince Chart
With the fall in Bitcoin dominance, it is anticipated that altcoins to fill the space but the drop in BTC price leads other altcoins to behave bearish. Some of the coins like Abritrum(ARB) price hit an all-time low in this turbulence.
In an analysis of 90 days performance of the Top 50 coins, only 7 of them have registered gains and only 12 of them have outperformed Bitcoin of which 4 see losses,
Generally, during the altcoins season to gear up, there needs to be at least 75% of altcoins need to outperform Bitcoin. In this case, the numbers are not too supportive.
This shows, that the market still Needs a little more observing to begin the altseason.
Top 50 Altcoin’s Performance. Source: BlockChain Center
As seen on the Alt season index the reading stands at 24, with only a reading above 75 indicating a potential start of altcoin season.
Below 25 is considered to be the Btcoin season.
Altcoin Season Index. Source: BlockChain Center
Concerning the last movement, it took 3 months to shift from below 25 to above 75 so we can expect the altcoin to start in early of mid-October.
Read Also: MtGox Begins Repayments; Will Crypto Market Crash More?
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