Amid rising global tensions and a very public clash between Elon Musk and US President Donald Trump, Bitcoin remains resilient. The market briefly pulled back following the fallout from their confrontation, which sparked political uncertainty and triggered volatility across risk assets. Despite the dip, BTC is still holding above key support levels and consolidating just below its all-time high.
However, growing speculation now centers around a potential shift in market dynamics. Many investors and analysts believe that Bitcoin dominance may have peaked, signaling a transition toward a more favorable environment for altcoins. According to top analyst Ted Pillows, BTC dominance has likely topped for this cycle, with large-cap altcoins beginning to recover rapidly. This trend is viewed by many as one of the earliest indicators of a potential altseason—a phase where altcoins outperform Bitcoin in both price and momentum.
Bitcoin is holding steady above the $103,000 level after a turbulent period marked by global tensions, political uncertainty, and increased market volatility. The leading cryptocurrency continues to consolidate just below its all-time high of $112,000, forming a crucial range between the $100,000 and $109,000 levels. This zone is becoming a key battleground between bulls and bears, as investors wait for a decisive breakout.
Despite bearish sentiment creeping in amid rising US bond yields and geopolitical noise, Bitcoin has shown resilience. The market’s ability to maintain support above $100K reflects underlying strength, even as short-term momentum softens. However, according to analyst Ted Pillows, the next move may not come from Bitcoin at all.
While Bitcoin still commands the spotlight, this shift in dominance suggests investors are becoming more confident in exploring risk-on opportunities. If BTC holds its ground while alts continue gaining, the next few months could see renewed momentum across the crypto landscape. The setup is forming for a dynamic market phase, where Bitcoin consolidates and altcoins surge.
Bitcoin is currently trading at $103,732 on the weekly chart after pulling back from its all-time high near $112,000. The price continues to consolidate just below the key resistance zone marked around $109,300. Despite the retracement, BTC is holding above the $103,600 level, which aligns with strong historical demand and the breakout zone from earlier in May.
The weekly candle structure remains bullish, with the price well above the 34-week EMA at $89,874 and all major SMAs (50/100/200), confirming that Bitcoin is still in a macro uptrend. However, the rejection from the $109K level for a second time suggests the market is struggling to gather enough momentum to push into price discovery.
Volume on the latest pullback has not spiked significantly, which signals that the current correction may be more of a cooling-off period rather than a full trend reversal. As long as BTC stays above the $100K–$103K range, the bullish case remains intact.
A weekly close back above $109,300 would be a strong signal that bulls are ready to target new highs. Until then, investors should watch the $100K psychological support closely, as a break below it could shift momentum back in favor of bears.
Featured image from Dall-E, chart from TradingView
