BTC Holds the Market Hostage as Altcoins Bleed 📉
Bitcoin slipped 1.5% from its overnight high, extending a downtrend that’s been intact since early October. The rejection near $94,700 last week confirmed lower highs, keeping bears in control.
The broader market followed. CoinDesk 20 fell 1.6%, while BTC dominance jumped to 58.7%, signaling continued altcoin underperformance. The Altcoin Season Index sits at just 19/100 — this is still a Bitcoin-led market.
Technically, the market is getting stretched. The average crypto RSI is 38.49, placing most assets in oversold territory. This opens the door for a short-term relief bounce, but don’t confuse that with a trend reversal.
For BTC to turn bullish again:
• Above $95,000 → trend repair
• Above $98,000 → recovery confirmation
Derivatives show calm, not confidence. Volatility remains low, options pricing favors range trading, and puts are still more expensive than calls — a sign traders are hedging downside, not chasing upside.
Bottom line:
Oversold ≠ bullish. Relief rallies are possible, but until BTC reclaims key levels, capital stays defensive and focused on Bitcoin.
Not financial advice.
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