Swissblock: BTC is losing dominance, a turning point has arrived.

Analysts at #Swissblock note that BTC's share in the crypto market has broken its two-year ascending channel.

Now the main question is: Will #BTC test the channel boundary again and go below, opening the way for altcoins? Or will it restore the trend and regain its leadership? According to Swissblock, the answer will determine whether we are on the brink of a real altcoin season, or if this is just another deceptive maneuver.

We provided our assessment of the situation on August 9. As long as dominance is below 59.88% - the champagne for altcoin holders definitely deserves to be on the table, but it's too early to open it. Only a consolidation below 58.08% will signal a significant rise in altcoins.

Regarding the global picture, the key point is that since July, dominance has changed the structure of monthly candle patterns to a downward trend. This is the first time since December 2022.

More locally, on the daily timeframe, dominance shows the potential for an upward trend. Likely, this is the very test of the channel boundary. There is a significant squeeze towards the level of 59.88%, which can be seen on the hourly timeframes. Trend resistance from August 3 has already been broken.

If dominance shows the development of a rebound - we believe this will primarily be a result of the correction of #ETH.