Bitcoin Price Momentum Nears $120k
Bitcoin has pierced the $117,429 resistance fan level and is now advancing toward the $120,000 mark, with a potential extension to $124,000. Despite the bullish momentum, trading volume remains subdued—an expected outcome given the rotation into lower-cap altcoins.
On the dominance front, BTC.D remains in “strong bearish” mode below the daily TBO Cloud—a positive signal for altcoins—and may rise toward the weekly TBO Fast line near 60.7% once Bitcoin tests the $124,000 level.
Ethereum’s Stagnant Performance
Ethereum continues to trade in a narrow range with underperforming volume, reflecting waning market interest. ETH/BTC remains confined within the daily TBO Cloud, indicating ongoing consolidation.
ETH.D sits just inside the top of the daily TBO Cloud in bearish consolidation mode, underscoring Ethereum’s loss of market share as attention shifts toward other assets.
Dominance Metrics Signal Altseason
Stablecoin dominance confirmed a TBO Open Short on the daily close, and the TBO Slow line is pointing downward, suggesting a macro bearish trend for stablecoins. We anticipate stablecoin dominance to decline toward 4.90%, typically marking a short-term market cycle peak.
Meanwhile, SOL.D and OTHERS.D are in bullish consolidation within their respective TBO Clouds, and weekly RSI on Others.D approaches 70—both bullish continuation signals. A cluster of TBT bearish divergences on TOTALE100.D’s hourly chart warns of possible short-term pullbacks at its historical resistance.
Macro Backdrop: Gold and TradFi Influence
Gold has pulled back following a 25 bps rate cut, with additional cuts likely this year. As equities pivot toward risk-on assets, crypto—including Bitcoin—is poised to benefit. The BTC/Gold ratio has produced two TBT bullish divergences, supporting the view that Bitcoin will outperform gold through November.
Altcoin Market Highlights
Major altcoins are displaying strong breakout signals. BNB reached a new all-time high at $1,006.88, approaching its 1.272 Fibonacci extension target at $992.63. SOL is poised to challenge $260, with an ATH target of $295. AVAX rose 10% with volume three times its average, testing the 0.5 Fibonacci retracement after a TBO Breakout. SUI cleared overhead resistance above the daily TBO Cloud, while NEAR and IMX printed successive TBO Breakouts. BEAM and MORPHO both surged over 12% to breach TBO resistance levels.
Caution remains warranted on charts showing divergence. ICP’s TBT bullish divergence has yet to translate into a sustained uptrend, and TOTALE100.D’s bearish divergences suggest potential short-term corrections.
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