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I noticed that Bitcoin has been pulling back since it approached $80,000. There is clearly downward pressure right now, and I think it's related to the rising oil prices that affect all risky assets. When oil goes up, investors become more cautious and reduce their exposure to crypto.
What interests me now is to see how this will unfold. If Bitcoin continues to decline, we can forget about an altcoin season for the moment. But if we see stabilization and a rebound, then it could become interesting for altcoins. The altcoin season really depends on Bitcoin dominance and the overall market sentiment.
I am closely monitoring the correlations with traditional markets. It's a key indicator to know whether we're heading into an altcoin season or if we're in a consolidation phase. For now, the energy isn't really there, but things can change quickly in this market.