Bitcoin bull run 'likely close to over' says trader as XRP flips McDonald's

Key points:

• Bitcoin is still failing to rechallenge recent all-time highs, leading to doubts over future BTC price strength.

• A deeper rebound could rescue the situation, says analysis, as altcoins steal the limelight.

• XRP now has a larger market cap than McDonald’s.

Bitcoin BTCUSD stayed locked below $120,000 at Monday’s Wall Street open as bull market warnings accelerated.

Bitcoin ignites concerns over bull run’s future

Data from Cointelegraph Markets Pro and TradingView showed rangebound BTC price action giving way to surging altcoins.

Among the day’s top performers were Solana SOLUSD and Dogecoin DOGEUSD, both of which circled 10% gains over 24 hours.

With Bitcoin’s dominance of the total crypto market cap falling, market participants keenly eyed a full-on “altseason.”

Keith Alan, co-founder of trading resource Material Indicators, was among those stressing capital rotation out of BTC and into altcoins.

“This chart illustrates the rotation from $BTC and Stables into Alts,” he told followers on X. 

Material Indicators nonetheless kept the door open for a BTC price rebound — especially if BTCUSD were to fall further toward a key trend line around $110,000, its prior all-time high.

“Perhaps the only thing that could be healthier for $BTC than consolidating in this range would be a support test to the trend line,” it argued.

Less optimistic on Bitcoin’s future was popular trader Roman.

Analyzing the weekly chart, Roman warned of “exhaustion” creeping in across price indicators, notably the relative strength index (RSI) and moving average convergence/divergence (MACD).

“Big bear divs on RSI/MACD and fairly concerning low volume at ATHs,” part of an X post on the day read.

XRP scores with McDonald’s market cap win

Altseason nonetheless continued to take center stage as TradFi markets returned.

Among the headlines was news that XRP XRPUSD had surpassed the market cap of McDonald’s, building on strength throughout the week prior.

“Is altcoin season finally upon us?” trading firm QCP Capital queried in its latest bulletin sent to Telegram channel subscribers.

QCP flagged Bitcoin dominance giving way to Ether ETHUSD as an important inflection point.

“BTC dominance has slipped from 64% to 60% over the past week as it struggles to reclaim 121k, while ETH’s market share has climbed from 9.7% to 11.6%,” it observed. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.