Trump Might Replace Fed Chair Powell  – How Will Bitcoin React?

One of the reasons that the altcoin season seemed to not have begun until now is the fact that Bitcoin has dominated the market recovery, and thus, the BTC dominance remains very high. For the altcoin season to actually begin, past market performances show that there needs to be a major decline in the Bitcoin dominance. This is the ultimate trigger the market needs to confirm that altcoins will begin their own independent run.

Bitcoin Dominance Needs To Fall To 62%

The Bitcoin dominance is still trending at a high 64%, and this continues to be a thorn in the side of altcoins. With the dominance this high, the Bitcoin price continues to dictate where the market goes and has seen altcoins suffer crashes as a result of even the tiniest movement triggering a decline in prices.

However, crypto analyst Quantum Ascend has pointed out an interesting formation in the chart, which is a 7-wave crashing pattern. This pattern has been completed, and this signals a possible drop in the Bitcoin dominance as time goes on. The last phase of the 7-wave pattern was when the dominance hit a peak of 64.6% before declining back down toward 64%.

This pattern suggests that the Bitcoin dominance could possibly drop to 62%, which would be good news for those waiting for the altcoin season. The last time that the dominance was this low was back on May 14, and altcoins had rallied hard as a result.

For this decline to be completed, the crypto analyst reveals that confirmation lies below 63.45%, as this is the Wave 6 lows. Once this support is broken, a sharp drop toward 62% is expected from here. As the analyst explains, “real momentum kicks in under 62%,” and this is when altcoin season moves with full force.

Altcoin Season Is Not Over

The topic of a possible altcoin season is currently one of the most debated in the crypto community as market participants remain split on where it is in the cycle. Some have said there will be no altcoin season similar to what was seen in 2021, while others have maintained that it is still possible.

One analyst on the X (formerly Twitter) platform has lent their voice, pushing the narrative that the altcoin season is far from over. For a 2021-style altcoin season to happen, though, the crypto analyst says the altcoin market, which excludes the top 10 cryptos by market cap, must break above the $470 billion resistance like it did in previous cycles. Once this happens, then they expect the altcoin season to begin.

XRP in the last 24 hours rebounded from $2.15 to over $2.17 as the asset signals a growing recovery in the market space. Despite this development, XRP’s death cross remains at play and is expanding as the MA Cross indicator teases.

XRP's volume declines undermine price action

CoinMarketCap data shows that investors have pulled back from transacting XRP within this period. The trading volume has suffered a massive 49.55% decline to $1.74 billion.

This suggests that the slight price increase could have been triggered by speculative news about XRP and not substance-driven. More market participants might have been interested if volume had aligned with the price increase.

However, XRP’s death cross, confirmed in late May, appears to affect the asset still. Notably, the death cross is a bearish technical pattern that suggests a potential decline in price due to weakening short-term momentum.XRP Daily Chart With MA Cross | Source: TradingView/CoinMarketCap">

XRP’s recent 1.58% price increase might be considered a short-term recovery, as volume has stayed in the red zone. Additionally, XRP must break out above critical resistance levels such as $2.40 and $2.50.

If the asset can find stability above $2.50, it could help invalidate the bearish death cross that has kept it below $2.30 since the last days of May 2025. As of this writing, XRP was trading at $2.18.

Bullish sentiment builds despite price resistance

Despite XRP’s current performance, community sentiments remain bullish. Many anticipate that XRP could still break out in a pattern similar to its 2017 cycle. These optimists are convinced that XRP is consolidating and could break out at another mega rally soon.

XRP veterans predict this upward movement could occur in the next three or four weeks. However, for this to happen, XRP needs stability above $2.50.

XRP chart analysis shows that the asset needs to break the $2.20 resistance zone and above it to avoid slipping below the $2 level again. How XRP manages this will interest investors and the broader market.

Over the last two weeks, Bitcoin has rallied to a new high of $111,800, briefly exceeding the previous all-time high set in January 2025. However, this gain was followed by a retracement, implying a possible pause in bullish momentum.

With signs of older investors selling, the bulls now confront a crucial test of their resolve.

According to Glassnode, the STH cost basis now stands at $97,100, which represents the average entry price for recent buyers. The +1 standard deviation band, which is generally associated with overbought or bullish breakout conditions, is at $114,800, while the -1 standard deviation band at $83,200 indicates an elevated level of downside risk.

As profit-taking by long-term holders began to weigh on momentum, these three levels, $114,800, $97,100 and $83,200, now define the statistical boundaries of short-term sentiment. A break above or below these levels might likely shape the next leg of the market direction, indicating whether momentum is returning or fading.

Key levels to watch

BTC reached a new all-time high of nearly $112,000 on May 22. According to Glassnode, the rise appears to be spot-driven, with probable support in accumulation zones of $81,000 to $85,000, $93,000 to $96,000 and $102,000 to $104,000.

Based on the CBD heat map per Glassnode, many historical accumulation zones have flipped into distribution zones. Sellers in the $25,000 to $31,000, $38,000-$44,000 and $60,000-$73,000 ranges are now weighing on price action.

Cost basis quantiles and short-term holder bands indicate immediate support near $103,700 and $95,600, with resistance at $114,800. These levels are statistically significant markers of broader sentiment shifts.

Notably, top buyers from Q1, 2025, who held through the downturn below $80,000, are now again being tested as the market moves sideways. At the time of writing, Bitcoin was up 1.05% in the last 24 hours to $104,925 following its drop to lows of $100,377 on Thursday.

Opulous (OPUL) will be listed on a new exchange soon. The team says trading will start on June 10, and futures will be added after that. Listing on a new exchange can bring new buyers and higher trading volume. If the exchange is popular, this can lift the price of OPUL for a short time. Futures trading can also bring volatility, as traders bet on price moves. But if only a few people join, or if the listing is on a small exchange, the impact might be weak. source

EXMO.com will stop trading PARSIQ (PRQ) on June 9, and people have time to withdraw their tokens until July 4. Delisting often means less demand and lower price, because fewer people can buy or sell the token. The official message says demand and liquidity for PRQ were too low. This is usually seen as a bad sign by traders, as it can bring more selling. PRQ price may drop, especially if other exchanges follow and also remove the token. Holders should manage their balances soon. source