The Bitcoin bull market significantly dominated the first quarter with few altcoins showing signs of an imminent breakout. However, the BTC price has recently struggled to break above $29k despite the banking crisis and the rumors of an incoming global recession. Additionally, the Ethereum price has experienced a similar resistance level of around $1,800 despite the upcoming Shanghai upgrade.
Bitcoin Dominance
Notably, the Bitcoin market cap dominance is at a crucial point that will decide the near future of the altcoin market. Moreover, money rotates between bitcoin org 
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and altcoins through the stablecoins market.
Currently, at around 47.34 percent, Bitcoin’s dominance has bounced back to the same level three times since May 2021. A continuation above 48 percent will delay the largely anticipated altcoin season and vice versa.
QCP Capita: Bitcoin Price Analysis and Market Outlook
According to Singapore-based crypto options trading firm QCP Capital, perhaps the second quarter will prove profitable for the altcoin market while Bitcoin takes a breather. In a series of tweets, QCP Capital noted that Bitcoin and ethereum 
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have not made any major moves since mid-March. The firm noted that the Bitcoin and Ethereum markets have held steady around the same range despite the high-impact news including the Fed rate hike by 25 bps.
Related: Bitcoin News Update: Expert Believes BTC Price Is Undervalued By Whopping 33%!
Analysts at QCP Capital anticipate weak United States data to come out this week. As a result, the trading firm thinks the United States is headed toward an imminent recession.
The firm insisted that Bitcoin will have a chance to prove its market dominance amid a real global recession. QCP Capital highlighted that if the Fed were to act quickly in a recession, just as they did during last month’s banking crisis, the Bitcoin market could moon again as previously recorded.
Also Read: Top 5 Best Bet Altcoins To Watch This April – Coinpedia Fintech News
