BTCUSDT - Altseason Gains Momentum as Dominance Drops!
2024-11-23

Bitcoin is facing significant psychological resistance in the $100,000 area, with the chart showing signs of consolidation just below this mark, indicating that the market is waiting for a catalyst to break out or pull back.

BTC dominance, which recently fell from 58%, reflects a possible rotation of capital into altcoins, suggesting the beginning of an altseason. During such periods, altcoins tend to see significant gains against BTC, especially if Bitcoin continues to range below resistance.

In the short term, Fibonacci points to levels like $97,000 and $93,000 acting as support, while a break above $100,000 could pave the way for targets like $103,000 and $110,000. The Stochastic RSI is hovering near the overbought region, indicating a possible correction before a new high.