Bitcoin (BTC) has been rejected at the Point of Control for the second time, falling from approximately $65,000 to the $63,000 range — a decline of over 2.5% in the past 24 hours — rather than breaking toward the $67,000 level. The Point of Control, a Volume Profile metric identifying the price level with the highest traded volume in a given range, frequently functions as a pivotal resistance or support zone. Meanwhile, analysts are watching Bitcoin Dominance — the measure of BTC's market capitalization as a percentage of the total cryptocurrency market — for signs of a potential decline that could shift momentum toward altcoins.

BTC Rejected at Point of Control Again

As July nears its close, the cryptocurrency market experienced a weekend price dip. Bitcoin dropped from the $65,000 range to approximately $63,000, marking a decline of more than 2.5% over 24 hours. BTC is now struggling to reclaim the $64,000 level, and market participants are debating whether a deeper pullback may follow.

A crypto analyst highlighted on Telegram that BTC was rejected at the Point of Control for the second time. The previous occurrence, in June, preceded a 13% crash. Based on this pattern, the analyst suggested BTC could see a similar or steeper decline. According to this observation, if $67,000 proves to be the ceiling for the remainder of the summer, the potential correction could resemble the downturn seen in February.

However, several previously bearish analysts have revised their forecasts downward in severity. Earlier this year, some projected BTC could fall to the $40,000 range. The current consensus among these analysts now places a potential bottom closer to the $54,000 range, as noted in related coverage of shifting bearish sentiment. The narrowing of projected downside reflects a broader reassessment among analysts following BTC's recovery from its April halving-era volatility, which saw prices swing between roughly $56,000 and $72,000 over the spring and early summer.

Bitcoin Dominance Pattern Draws Altcoin Attention

Concurrently, expectations are building around a potential altcoin rally. Several altcoin assets are reportedly showing bullish signals on their price charts, with some analysts projecting the possibility of higher highs in the coming months.

According to the analyst cited above, Bitcoin Dominance appears to be in the final phase of a Head & Shoulders pattern. A similar formation appeared in 2020–2021 and was followed by a sharp decline in dominance that coincided with a major altcoin season. During that earlier cycle, declining Bitcoin Dominance correlated with substantial capital rotation into large-cap and mid-cap altcoins. The analyst concluded that a recurrence of this pattern could be significant for the altcoin market, potentially driving a parabolic move across altcoin valuations if it plays out as observed.

Further analysis on Bitcoin's longer-term outlook has been covered separately, as market watchers continue to assess whether BTC has established a sustainable bottom.

Source: CryptoNewsLand