The crypto markets are trading under a bullish influence, intending to reach beyond the interim resistance in a short while now. Meanwhile, the bulls have fallen short of their strength as the bears successfully squeezed some profits. The bitcoin price dropped and is approaching the crucial support at $63,000, while the Ethereum price is testing the pivotal zone at around $2,682. However, some of the altcoins are displaying some strength.
Altcoins like Helium (HNT) and Akash Network (AKT) are the top performers today, with over 10% to 12% gains, while Klaytn (KLAY) is following the trend. Besides, Notcoin (NOT) experienced a massive drop of over 10%, followed by ORDI (ORDI) at 7.2%, Worldcoin (WLD) at 7.14%, Toncoin (TON) at 7.13% and Pepe (PEPE) at 6.37%. The Memecoin space has also been shaken up with notable losses.
Although the Bulls are trying hard to cope with the bearish pressure, the historical pattern suggests the altcoins may have to sustain more pressure for a while.
In an interesting piece of data shared by a popular analyst, Stockmoney Lizards, the BTC dominance, which is rising, is expected to maintain the trend for some more time. This may cause the altcoins to contract a little bit more, as suggested in the above chart. Therefore, after the BTC dominance reaches the range of 60% to 70%, the altcoins are expected to kick off a fine rise with the beginning of an Altseason. As per the analyst, the dominance may reach its peak somewhere in the first few days of 2025 which may be followed by a massive crash. This could be when the BTC price may also mark a new ATH, probably above $100K.
The crypto markets are heading towards the end of the monthly trade and hence a significant change in the trend may be expected. Meanwhile, from a technical perspective, the altcoins are expected to maintain the prevailing consolidation while holding above the crucial support. No major price action is expected for the next few days as the crypto markets are heading towards the consolidated monthly close within a narrow range.
