Bitcoin continues to show resilience, despite still being below the daily TBO Cloud and On-Balance Volume remaining in a strong bearish trend. Daily RSI is making higher highs, which is a positive signal, but the overall price structure remains bearish. In order for Bitcoin to officially break this downtrend, it would need to close above $90,000—an 11% move that remains highly unlikely in the short term.
The best-case scenario would be for BTC to trade sideways into the weekend, but given the recent volatility, this may be wishful thinking. Bitcoin continues to make lower lows, reinforcing the current bearish trend, and until a key level of resistance is broken, downside risks remain.
Ethereum’s Struggles Continue
Ethereum remains one of the weakest charts in the market, with no bullish developments to note. The ETH/BTC ratio further confirms Ethereum’s ongoing underperformance. Without any significant catalysts, ETH continues to trade in a strong bearish trend with no signs of a near-term reversal.
Stablecoin and Bitcoin Dominance at Critical Levels
Stablecoin dominance ticked higher after Bitcoin’s red daily close, signaling mild fear in the market. However, RSI barely moved, reinforcing the idea that stablecoin dominance is losing momentum and will eventually decline.
Bitcoin dominance has dropped back to daily TBO Support/Resistance at 61.58%, an important level to watch. If both stablecoin dominance and Bitcoin dominance decline at the same time, it could create an opportunity for altcoins to rally.
Top 10 Dominance is continuing to show signs of strength and recovery. However, to fully regain a bullish trend, the “price” must push back above the daily TBO Cloud and hold above that level. Meanwhile, OTHERS.D, representing the altcoin market, appears eager to break out. Despite Bitcoin’s red daily close, OTHERS.D held its ground, suggesting that altcoins are primed for a move higher.
TOTAL Market Cap Testing Resistance, On-Balance Volume Looks Bullish
The TOTAL crypto market cap recently tested the first resistance fan line but failed to break through. However, expectations remain high that this level will be breached by the end of the weekend. More importantly, On-Balance Volume is showing signs of crossing above its moving average, which would be a strong bullish signal for the overall market.
OTHERS market cap also remains in a strong position, with RSI testing a mid-term resistance level. However, it needs several large consecutive green candle closes to confirm a significant trend shift. The broader market remains massively oversold, and sentiment is growing impatient as traders wait for an official reversal.
OTHERS/BTC remains a key chart to watch, as it is still holding above a long-term support line dating back to late 2020. If OTHERS can begin outperforming BTC in the coming weeks, it would be a strong sign that altcoins are ready for a broader recovery. However, if this support level is lost, it would signal a need to exit BTC-paired altcoin positions quickly to preserve BTC holdings.
Bitcoin Volatility Finally Begins to Decline
BVOL7D, which tracks Bitcoin’s volatility, has finally shown signs of weakness, closing down nearly 5% yesterday. This suggests that Bitcoin’s extreme volatility may subside over the next week, providing some much-needed stability.
Altcoins Show Signs of Life, but Volume Remains Key
Solana is showing strong signs of a potential uptrend, with On-Balance Volume’s moving average curling upward. Daily RSI continues to make higher lows, which is another bullish signal. However, for SOL to confirm a new uptrend, it must break above the white overhead resistance line that has been in place since January.
SHIB is flashing an extremely interesting buy signal on the weekly time frame. If the current weekly RSI Reset holds, meaning RSI closes above 25 by the week’s end, SHIB could rally at least 30% from current levels. Historical RSI Resets have provided strong entry points in the past, and this setup appears similar.
S (formerly FTM) jumped 14% after bouncing off the daily TBO Fast line, with a short-term target of 0.5482. However, caution is advised with OM, as daily volume has declined significantly since late February, suggesting a lack of market interest. Without renewed volume, OM is likely to chop sideways for several weeks, making it better suited for short-term trades.
ALT Coins Showing Signs of Bullish Reversals Beginning
While Bitcoin and the broader market remain in a delicate state, signs of altcoin strength continue to emerge. The coming days will be crucial in determining whether these early reversal signals gain enough momentum to break the bearish structure that has dominated since the start of the year.
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