Bitcoin dominance climbed to a new yearly high on April 11, while the altcoin market logged its third consecutive daily breakdown on the TOTAL3 chart. Crypto analyst MooninPapa, known for detailed technical charting on social platform X, highlighted that capital rotation from Bitcoin into alternative cryptocurrencies remains stalled, reinforcing what many now call “Bitcoin season.”
Ethereum’s structural weakness drags on rotation hopes
Ethereum, often viewed as Bitcoin’s closest peer, has clearly underperformed this cycle. MooninPapa pointed out that ETH/BTC and POL/BTC trading pairs continue to flash signs of weakness, indicating capital is reluctant to rotate from Bitcoin into other crypto assets. This persistent lag dampens recovery prospects for the broader altcoin market. The TOTAL3 chart—tracking performance excluding BTC and ETH—signaled a third straight daily breakdown, a bearish warning pattern MooninPapa says altcoins cannot ignore. Even assets trying to form local bottoms are doing so under heavy pressure.
Multiple altcoins flash technical warnings
In his latest breakdown, MooninPapa analyzed several altcoins. TAO rolled over after confirming a bearish divergence, ZBCN flashed another warning, and WLFI was described as “a mess” from a technical standpoint. ZEC now trades in overextended territory, while MON, despite relative strength, appears overheated. He noted that coins like M and Pump Fun might see short-term tactical bounces, but both require tight risk management given current volatility. Among viewer-submitted charts, SUI has not yet built a convincing bottom, and the SOL/BTC pair shows how severe losses in alt-to-BTC valuations have become. Other persistently weak performers include NEAT, HYPE, LDO, and DOT—all structurally bearish on their charts.
Traditional finance mirrors crypto fragility
MooninPapa also assessed traditional markets. Despite last week’s stronger-than-expected equity close, he flagged stretched momentum and vulnerability. The U.S. dollar index (DXY) is gradually trending down, while major indexes like ES and NYFANG appear to be topping out after a bounce. Nvidia returned to overbought territory, the VIX is cooling, and the Japanese Nikkei flagged a potentially suspect long trade. Oil, gold, and silver are contending with unfinished gaps and tenuous recovery gains. Among individual stocks, Amazon still has an unresolved upside gap target, Intel is a current bright spot, and ServiceNow remains on a downward trajectory. MooninPapa summed up: “Altcoins are under increasing pressure, with multiple warning signals building week by week.”