The weekly chart of the altcoin market cap shows a bearish engulfing pattern, indicating that market sentiment has weakened.
Despite BTC hitting a new high, the exchange rate of altcoins is still falling, which feels very depressed.
The current position of 0.75 is very critical. If the exchange rate of altcoins relative to BTC cannot break through this point, it may mean that the altcoin season is over. If Alts/BTC continues to pull back, the painful experience of the first half of 2024 may reappear.
Therefore, it is recommended to gradually reduce the position of profitable altcoins this week, whether long-term or short-term, to ensure that the risk is controllable.
