- BTC is trading at $97,554.07, with mild volatility, maintaining equilibrium between buyers and sellers near the $97,500 mark.
- A bearish pennant in Bitcoin dominance signals potential downside, with the MACD histogram turning red and selling pressure increasing.
- If Bitcoin dominance falls to 59.00%, capital could rotate into altcoins, potentially driving an altcoin rally in the near term.
Bitcoin (BTC) is currently trading at $97,5500.15, reflecting a 0.36% decline in the last 24 hours. The price fluctuation remains within a 24-hour range of $96,848.59 to $98,015.34, indicating mild volatility. The market appears to be consolidating around this level, as the price remains close to its daily highs and lows without significant breakout movements.
Current market stability demonstrates a brief market equilibrium between buyers and sellers at the $97,500 price point. At its core value Bitcoin maintains its value at 1 BTC (+0.0%) while short-term market movements emerge from market sentiments combined with trading activities and external economic conditions.
Bearish Pennant Formation Signals Further Downside
BITCOIN DOMINANCE BEARISH PENNANT.
Bullish for Altcoin season! pic.twitter.com/tY2fdJnfaK
— Crypto Rover (@rovercrc) February 15, 2025
A bearish pennant pattern appears on the 1-day Bitcoin dominance chart which suggests that the current price downtrend could continue. A triangular shape developed from a rapid rally followed by sustained price consolidation that produced decreasing highs and rising lows in the market. A confirmed penetration of the lower trendline suggests the price may reach between 59.00% – 58.50%.
Technical Indicators Confirm Bearish Momentum
Bitcoin RSI is trading at 44 signaling a neutral momentum . However, the MACD indicator supports this bearish outlook, with the MACD line crossing below the signal line, while the histogram turning red suggests growing selling pressure. Additionally, volume trends reinforce this view, as increasing sell volume appeared following the breakdown of the pennant.
Market Implications: Altcoin Season Ahead?
A drop in Bitcoin dominance historically signals a shift of capital into altcoins, potentially sparking an altcoin rally. If dominance continues to decline, altcoins may benefit from increased liquidity and investor attention.
Key Levels To Monitor
If selling pressure persists, Bitcoin dominance could test 59.00% today, confirming further downside. On the other hand,If buying strength returns, Bitcoin dominance could recover towards 61.00%, invalidating the bearish setup.
