Bitcoin is currently under some of the selling pressure which causes more depreciation in the price and consolidation in lower cycle as well.
However, still the circulating money around the crypto market is still there with the total market cap index is still defending its position of the bullish continuation as possibility in short term time frame.
Also based on the other index of BTC dominance, we can also see that it is dropping entirely and shows us that there is a shifting of wealth from the BTC (post rally) into the altcoins market.
That's why the total market cap is still there and the BTC dominance is dropping.
This is actually the main reason why the overall bias is still looking good because it simply means that the 'risk-on' mode on the altcoins market is finally here.
For BTC market, the risk deviation is not as low as it was a week ago because of this constant money shifting to altcoins but still at the fair level as well.
is it time for altcoins season? What do you think?
