The cost of Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization, has seen a spike towards $10,500 earlier the halving took place on May xi. However, the price of Bitcoin has been having issues since the halving and is currently showing more signs of weakness.

On the other manus, altcoins have been starting to testify signs of life with the BTC market dominance alphabetize sliding from 67% to 65% after the halving. Is the momentum now shifting towards altcoins from Bitcoin every bit the well-nigh predictable issue is behind us?

Crypto marketplace daily performance. Source: Coin360

Bitcoin price is hovering inside a broad range as volatility drops

The price of Bitcoin is stuck inside a wide range as the next chart shows. The resistance area in the red zone between $9,800 and $x,100. At the same fourth dimension, the price is finding support in the $8,250-8,500 expanse.

Additionally, BTC is moving in a higher place the 100-solar day and 200-day moving averages (MA), a bullish sign for the markets.

BTC USD ane-day nautical chart. Source: TradingView

As the halving hype is slowly fading and the market place goes back to its daily rhythm, the price of Bitcoin is besides stabilizing. Is that unusual?

No, that's normal. The halving was such a large outcome for Bitcoin that the hype on social media tin create unsustainable price rallies and drops around the event.

BTC USD 2022 halving 1-twenty-four hour period chart. Source: TradingView

The previous halving shows a similar construction. The price of Bitcoin moved significantly in the run-up to the issue, and so a pre-halving crash occurred and a new range was established. Throughout the calendar month, the cost of Bitcoin consolidated inside a range.

Afterward, ane more drop occurred and the market continued its up momentum while holding the 200-MA every bit support until the acme in December 2022.

Bitcoin fails to break $ten,000 and drops out of the ascent wedge

BTC USD 4-hour chart. Source: TradingView

As the 4-hour nautical chart is showing, the price of Bitcoin lost the rising wedge structure and broke down. In other words, another failure breaking through the $x,000 psychological barrier.

Alongside the drib, the price lost the back up at $ix,300. Contempo moves have also confirmed this level as resistance as well. All the same, support was found at $viii,900 every bit the chart is showing.

What's adjacent? Is the up momentum over? Or is the market simply returning dorsum to normal with altcoins gaining more attending?

Full market cap holds above 200-day MA

Total market capitalization cryptocurrency i-day chart. Source: TradingView

The total market capitalization is still holding the 100-day and 200-solar day MAs as support, which is crucial for farther upwardly momentum.

However, the marketplace cap itself is currently consolidating afterwards a 120% surge in a thing of eight weeks. What's the crucial level to concord? It'southward the grayness box at $220-225 billion.

If that level remains support, the full market place cap will exist in prime number position for a surge toward $300+ billion, possibly even $360 billion. However, losing that key level can run across a fast drib.

The significance of this level lies in the fact that it's both the 100-day and 200-mean solar day MA acting equally support confluent with a stiff horizontal support level, which served as back up throughout 2022.

Total market capitalization cryptocurrency 1-day chart. Source: TradingView

Thus, not but will $220-225 billion level belongings as support be a strong signal for further upwardly momentum, but it would besides brand the March 12 crash 1 big shakeout for the entire cryptocurrency marketplace.

Finally, the volume indicator is showing an increment in book. This is another stiff signal equally this would propose more aggregating.

Altcoin marketplace capitalization still lagging behind

Total altcoin marketplace capitalization cryptocurrency 1-day nautical chart. Source: TradingView

The total altcoin market capitalization nautical chart shows a strong support/resistance flip of $seventy billion, a level that's also confluent with the 100-24-hour interval and 200-day MAs as support. This is of import every bit the market place cap didn't lose these MAs during the previous crypto bull market place cycle.

Nonetheless, as Bitcoin had pregnant support in 2022 at the $6,000 level, the total market place capitalization had done the aforementioned with $220-225 billion. Simply now, the full market cap is once more holding the $220-225 billion level as support while the price of Bitcoin is now fifty% college.

The altcoins past themselves are also lagging heavily as $113 billion is the 2022 back up level comparable with the $6,000 level for Bitcoin.

Total altcoin market place capitalization 1-day chart. Source: TradingView

The chart above shows that altcoins have been lagging in full general. Is that a bad thing? No, Bitcoin is a first mover and also peaked beginning in Dec 2022, subsequently which the altcoins followed.

Correct now, Bitcoin had its first run pre-halving towards $x,200. But the volume is now as well increasing for altcoins. This ways that demand and interest are increasing potentially setting the phase for altcoins to finally take hold of up.

The bullish scenario for Bitcoin

BTC USD bullish scenario 4-hour nautical chart. Source: TradingView

The grey zone (with a potential wick towards $8,950) needs to concord. After that, a breakout of $9,300 is required to eventually button the price toward $nine,600 or higher.

If such a move occurs, a retest of the range high betwixt $9,800-10,100 is likely as the next step. Every bit this level has been tested many times already, the resistance level should exist weaker as a rule.

In that regard, if this scenario plays out, a breakout to the upside could see the toll of Bitcoin potentially run toward $xi,000 or $11,500.

The surly scenario for Bitcoin

BTC USD bearish scenario 4-60 minutes nautical chart. Source: TradingView

Nevertheless, once the price of Bitcoin isn't able to interruption through the $9,300 barrier, retests of the lows should be expected. Levels to test would be $viii,800 (already tested once already), simply, more than importantly, $8,200-eight,500 back up of the current range.

Nevertheless, this would still not be catastrophic for Bitcoin in general. The construction would still remain in an upward trajectory since March 12. The price has been making college highs and higher lows since and so, which is by definition a strong upward trend. Consolidation is, in fact, salubrious for the market if new highs are to be established.

The views and opinions expressed here are solely those of the writer and practice not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You lot should behave your ain research when making a decision.