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Trump&#8217;s endorsement of Bitcoin could accelerate its mainstream adoption, 
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The post Trump supports growing Bitcoin adoption amid talk it eases strain on 
the US dollar appeared first on Crypto Briefing.

Trump supports growing Bitcoin adoption amid talk it eases strain on the US dollar

The Bitcoin Dominance (BTC.D) continues to exert pressure on the broader 
crypto market, casting a shadow on the prospects of an incoming altcoin 
season. Despite recent volatility and decline in the market, a crypto analyst 
observes that Bitcoin Dominance remains firmly elevated, signaling that 
capital is still concentrated in the leading cryptocurrency. This trend, they 
argue, is preventing any meaningful breakout for altcoins and could persist 
unless a decisive shift in market structure occurs. Altcoin Season Stifled As 
Bitcoin Dominance Surges The Bitcoin Dominance in the cryptocurrency market is 
tightening its grip, crushing hopes of an imminent altcoin season. According 
to a recent technical analysis posted on X (formerly Twitter) by market expert 
Tony Severino, Bitcoin’s market cap dominance has reached 65.72% with both 
monthly and Relative Strength Index (RSI) readings pushing above the critical 
70 level. Related Reading: Bitcoin Dominance Hits New Cycle High Above 66% – 
How This 4-Year ATH Affects Altcoin Season At the time of the analysis, the 
RSI on the monthly timeline stood at 73.19, while the weekly registered at 
70.58—both firmly in overbought territory. These levels typically reflect 
strong momentum and extended bullish conditions, indicating that Bitcoin’s 
command over the crypto market is still strong and growing. Severino shared a 
dual chart view of Bitcoin Dominance and RSI across the weekly and monthly 
time frames, highlighting candlestick structures that support Bitcoin’s 
ongoing upward momentum. BTC.D has been climbing since late 2023. The RSI 
values also remain comfortably above their respective Moving Average (MA) 
baselines of 67.31 and 65.42, indicating sustained strength rather than signs 
of immediate exhaustion. As long as Bitcoin Dominance holds these elevated RSI 
levels across their major time frames, Severino suggests that altcoins will 
likely continue to underperform, further delaying the long-awaited altcoin 
season. The analyst emphasizes that meaningful upside for altcoins will not 
begin until BTC.D starts to wane and RSI readings fall below 70—effectively 
signaling a shift in sentiment and market strength that could allow capital to 
rotate to alternative cryptocurrencies. Until such a pullback occurs, the 
analyst argues that the weekly and monthly BTC.D and RSI charts strongly 
indicate that any expectations of an altcoin season this cycle remain 
premature. Dragonfly Doji Forms On BTC.D Chart In another X post, Severino 
announced that the Bitcoin Dominance has potentially formed a Dragonfly Doji 
on the weekly chart. With four days left in the weekly session, the analyst 
notes that the distinct candle pattern is still developing but presently 
resembles the classic Dragonfly Doji, characterized by a long lower wick and a 
close near the opening price. Related Reading: Rising Bitcoin Dominance Above 
64% Dashes Hopes Of Altcoin Season, Here’s Why Typically, this chart pattern 
is viewed as a bullish reversal signal when it appears at the bottom of a 
downtrend, indicating possible upside momentum. However, in this case, it has 
emerged during a broader uptrend in BTC.D, creating a more complicated 
technical picture. Severino believes that the Dragonfly Doji could either 
represent a continuation of the current momentum or a temporary pause in 
market direction. If the candle evolves into a larger bullish body and closes 
above the 65.65% level, it may confirm further strengthening of Bitcoin’s 
growing market dominance relative to altcoins. Featured image from Pixabay, 
chart from Tradingview.com