Despite the ongoing correction from its recent all-time high, Bitcoin’s dominance over the rest of the market has continued to hold steady in recent days. Notably, Bitcoin’s dominance in the crypto market has increased steadily, recently surpassing a significant threshold of 64% and exerting pressure on altcoins across the board. Although Bitcoin itself recently lost the $105,000 support level in the past 24 hours, the altcoin market witnessed dips throughout last week. However, this period of imbalance between Bitcoin and altcoins may not last much longer, especially as technical analysis suggests the dominance reaching 64% might be a turning point.

Crypto trader Astronomer shared an analysis on X, highlighting the 64% region as a crucial turning point for Bitcoin Dominance (BTC.D). His chart outlines a possible path for Bitcoin dominance, showing that the metric has now entered a wide resistance block between 64.00% and 64.40%. This level is significant because it has rejected previous upside attempts throughout the past month. Even with Bitcoin being the only cryptocurrency to print a new all-time high in recent times, its dominance has struggled to break above 64% in May, indicating the trend might be nearing exhaustion.

Notably, after bouncing just above 63.5% on May 28, Bitcoin’s dominance printed a lower high. The current price behavior mirrors these earlier moves, lacking the bullish strength needed to break higher. If the projected path in Astronomer's chart plays out, the dominance could range slightly before beginning a rollover that takes it into the lower 63% zone and beyond. The trajectory on the chart suggests this decline could steepen in early June, potentially opening the door for altcoins to thrive.

The chart outlook indicates that the Bitcoin dominance rally is nearing exhaustion. Despite recent losses across many altcoins, the projection structure suggests an imminent shift and a potential decline in Bitcoin dominance to 63.45%. As Bitcoin's dominance begins to unwind, this decline will likely coincide with an increase in the price of major altcoins, particularly large market-cap altcoins like Ethereum, Solana, and Dogecoin. Such a scenario could signal the early stages of a broader altcoin season.

At the time of writing, data from CoinMarketCap shows that Bitcoin’s dominance is currently at 63.5%, just above the crucial 63.45% point. A breakdown of Bitcoin’s dominance at this point could cascade into an altcoin season. Concurrently, Ethereum has seen its dominance increase by 2.01% in the past 24 hours to 9.4%. However, the notion of an imminent altcoin season could crumble if Bitcoin dominance manages to make a monthly close above the 64% threshold.