Bitcoin Dominance Reaches 65.72%, Stifling Altcoin Season Prospects

The Bitcoin Dominance (BTC.D) has reached 65.72%, exerting significant pressure on the broader crypto market and hindering prospects for an altcoin season. Key points include:

Bitcoin's dominance remains high despite market volatility, as capital is still concentrated in BTC.
The monthly Relative Strength Index (RSI) is at 73.19, while the weekly RSI is at 70.58, both indicating overbought conditions.
This sustained strength suggests that altcoins are likely to underperform until Bitcoin's dominance declines and RSI falls below 70.
A Dragonfly Doji pattern has potentially formed on the weekly BTC.D chart, indicating either a continuation of momentum or a pause.

The current technical indicators reflect strong momentum for Bitcoin, with any potential altcoin season remaining unlikely until a shift occurs in market sentiment.