Bitcoin's Correction Deepens—Is Alt Season Around the Corner?

Overnight, Bitcoin reached a low of $90.8k, marking an 8.88% decline from its all-time high of $99.6k set on Saturday. As the correction unfolds, Bitcoin dominance has dropped further, now sitting at 58.60%. This retracement has not only affected Bitcoin's price but also the Fear & Greed Index, which peaked at an "extremely greedy" 94 during Bitcoin's high—a level not seen since February 2021. While the correction may seem daunting, it is a healthy and much-needed reset, bringing both Bitcoin's price and market sentiment back to more sustainable levels.

Altcoins have demonstrated mixed performance amidst Bitcoin's correction, with some clearly outperforming. Fantom and Injective have emerged as leaders, shrugging off Bitcoin's decline, while other major altcoins like XRP and XLM have mirrored Bitcoin's downward trajectory. This divergence in performance has caused the Altcoin Season Index to climb to 53, up from 33 just two days ago. Although altseason isn't here yet, the momentum suggests it may arrive sooner than expected. Patience remains key—focus on accumulating Bitcoin and high-potential altcoins highlighted in our Stormrake Spotlight, then sit back and enjoy the ride.

Ethereum serves as a benchmark for altcoin strength. Since Bitcoin's all-time high on Saturday morning, Ethereum has outperformed Bitcoin by 10%. If this correction had occurred last week, Ethereum likely would have suffered more significantly. However, the recent resilience in Ethereum and other altcoins underscores their growing strength against Bitcoin's pullback.

For those feeling underexposed or worried they’ve missed the boat, now is the time to strengthen your Bitcoin position. This market remains in its early stages, presenting long-term believers with a prime opportunity. Contact your Stormrake Crypto Broker to seize this moment.

Stormrake Spotlight: Fantom ($1.06)

Fantom continues its upward trajectory, driven by anticipation for the upcoming Sonic Migration next month. FTM reached a high of $1.10 in the past 24 hours and is poised for further growth after a brief pullback to current levels. Remaining outside the top 50 cryptocurrencies by market cap, FTM has significant potential to not only revisit but exceed its all-time high.

BTC/USD Key Levels and Price Action:

Bitcoin's decline has reached the monthly CPR line, previously resistance and now acting as support at $90.9k. This level has provided a crucial bounce. To re-establish a bullish trend, Bitcoin needs to break above the 21 EMA, which continues to act as resistance, and create a higher high above $94,685. Achieving these levels would signal a return to bullish momentum.

BTC Total ETF Flows for 26 Nov: $ - 24.8 million

ETH/USD Key Levels and Price Action:

Despite its pullback, Ethereum has outperformed Bitcoin. However, ETH has made a lower low, falling below a key support level, resulting in a bearish moving average cross. While this suggests caution, Ethereum remains within the 200 moving average zone, which should provide strong support for a potential rebound.

ETH Total ETF Flows for 26 Nov: $ - 6.6 Million

Written by Alexandar Artis

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