Ah, the illustrious Bitcoin! Just yesterday, it ascended to the dizzying heights of $107,108, a mere whisper away from its glorious peak of $109,588, before it, like a tragic hero, retreated into the shadows. 😅
Now, as we stand at the precipice of this digital abyss, Bitcoin has settled at $104,976, yet the air is thick with optimism, as if the very essence of the market whispers sweet nothings of bullish sentiment.
Behold! The Bitcoin Season Unfolds
According to the wise sages at Blockchain Center, we find ourselves entrenched in the so-called “Bitcoin Season,” a time when our dear BTC outshines the meager altcoins, which seem to flounder in its radiant glow.
As I pen these words, a mere 16 (32%) of the top 50 altcoins have managed to outpace our noble Bitcoin over the past 90 days, a dismal performance far beneath the 75% threshold required for the fabled “Altcoin Season.” Oh, the irony! 😂
Moreover, Bitcoin’s dominance, like a tyrant, has risen from the depths of despair, climbing steadily from a two-month low of 61.89% on May 16 to a current stature of 63.92%. Such is the nature of power!
Curiously, since May 14, the TOTAL2 metric, which measures the combined market cap of all cryptocurrencies excluding BTC, has plummeted, now languishing at $1.18 trillion, a staggering $83 billion lost in the abyss of market whims.
This divergence, dear reader, suggests that the weary souls of the market are reallocating their fortunes into the embrace of Bitcoin, abandoning the altcoins like a sinking ship.
Indeed, the current trend indicates that traders are doubling down on Bitcoin’s resilience, as the king coin strives to maintain its position above the critical $105,000 threshold. A noble endeavor, indeed!
BTC’s DMI: A Beacon of Buying Pressure
On the daily chart, the Directional Movement Index (DMI) of BTC reveals a bullish pressure that cannot be ignored. As I write, the positive directional index (+DI, blue) stands proudly above its negative counterpart (-DI, orange).
Such a configuration indicates that the bullish momentum is stronger than the bearish, a clear signal of an uptrend and buying pressure in the realm of Bitcoin.
If this momentum persists, we may witness a valiant attempt to breach the resistance at $107,048, and perhaps, just perhaps, rally towards the hallowed all-time high of $109,588. The suspense is palpable! 😲
Yet, let us not forget the fickle nature of the market; should sell-offs gain strength, Bitcoin’s price may very well dip to $102,080, a sobering thought indeed.
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2025-05-20 17:29