After marking new highs around $111,800, the Bitcoin price is consolidating as it drops below $111K, suggesting a small correction phase. On the other hand, BlackRock bought another 8000 BTC worth over $877 million, which is the largest inflow in May so far. According to reports, the retail traders haven’t started buying yet, which suggests there is more potential for an upswing.
Meanwhile. Altcoins like Ethereum, XRP or Cardano have been coiling up at a reduced pace, due to which the beginning of an Altseason seems to have differed to some extent. Meanwhile, the market capitalisation, excluding Bitcoin and Ethereum, reflects the position of the Altseason. Currently, the levels have rebounded from a pivotal support range and are just 20% away from their highs. Moreover, the levels have risen above a pivotal resistance, and a close above the range could push the Altcoin market cap towards new highs.
After the latest rise in the markets has elevated the levels above the conversion line initially, and later the baseline. If the levels continue to maintain a similar trend, the Ichimoku cloud could undergo a bullish crossover, which could push the levels towards the highs at $1.13 trillion. This could be when the Altseason 2025 could begin, elevating the altcoins to new highs.
On the other hand, the Bitcoin dominance is yet again plunging after facing a rejection before recovering above 65%. This is another major indicator that the liquidity is flowing slightly from Bitcoin to altcoins. The BTC price is facing some upward pressure and a drop in value along with dominance may further fuel the altcoins. However, the Bitcoin price is required to hold between $105K to $108K, which could further trigger a strong Altseason in the second half of 2025.
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