The Bitcoin bull market significantly dominated the first quarter with few altcoins showing signs of an imminent breakout. However, the BTC price has recently struggled to break above $29k despite the banking crisis and the rumors of an incoming global recession. Additionally, the Ethereum price has experienced a similar resistance level of around $1,800 despite the upcoming Shanghai upgrade.

Bitcoin Dominance

Notably, the Bitcoin market cap dominance is at a crucial point that will decide the near future of the altcoin market. Moreover, money rotates between bitcoin and altcoins through the stablecoins market.

Currently, at around 47.34 percent, Bitcoin’s dominance has bounced back to the same level three times since May 2021. A continuation above 48 percent will delay the largely anticipated altcoin season and vice versa.

QCP Capita: Bitcoin Price Analysis and Market Outlook

According to Singapore-based crypto options trading firm QCP Capital, perhaps the second quarter will prove profitable for the altcoin market while Bitcoin takes a breather. In a series of tweets, QCP Capital noted that Bitcoin and ethereum  made any major moves since mid-March. The firm noted that the Bitcoin and Ethereum markets have held steady around the same range despite the high-impact news including the Fed rate hike by 25 bps.