Bitcoin Faces Selling Pressure After Reaching All-Time High.

Bitcoin's price (BTC) began to consolidate after reaching an all-time high of $73,750 and faced selling pressure following its recent surge. This pressure caused Bitcoin's price to fall below the $67,500 threshold, potentially pushing it below $67,000. A significant factor for this pullback is the decline in Bitcoin's market dominance, indicating that market participants are shifting their focus from Bitcoin to altcoins.

Bitcoin's Market Dominance Signals Decline.

Bitcoin's market dominance was moving within a rising wedge formation and recently reached an annual high of over 55%. However, Bitcoin's slow price movement seems to have driven investors to explore other investment options. As a result, Bitcoin's market dominance fell below key support levels along the rising trend line.

Additionally, Bitcoin's Relative Strength

Index (RSI) shows a formation of

consecutive lower highs and lower lows,

supporting a bearish outlook and signaling

a potential altcoin season as the altcoin

market's value begins to rise.

Altcoins' total market capitalization chart indicates a parabolic recovery approaching the neckline of the curve. Levels rebounded from the lower support of the rising wedge, suggesting a significant bullish move might be near. Currently around $1.11 trillion, the total market cap of altcoins needs to enter and surpass the key resistance zone between $1.21 trillion and $1.26 trillion to start a new bullish phase.

The RSI for the total market cap of altcoins signaled strong bullish indicators, potentially triggering a bullish recovery before reaching average levels. If the total market cap of altcoins surpasses this key resistance zone, an altcoin season could begin, potentially driving the market cap rapidly above $2 trillion.