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The crypto market is reeling after a brutal $1.7 billion liquidations shook leveraged traders, leaving the Altcoin Season Index tumbling from near-perfect scores of 100 down to 71.
Despite scattered all-time highs for coins like BNB and HYPE earlier this month, the dream of a full-blown altcoin season seems to have fizzled.
🚨ALTSEASON: NOW YOU SEE IT, NOW YOU DON’T.
— Coin Bureau (@coinbureau) September 24, 2025
4 days ago, the Altcoin Season Index showed the max score of 100, but now that print is gone.
Was #altseason short-lived or never real? pic.twitter.com/vPmtoidakO
Bitcoin Anchors the Market
Bitcoin dominance cooled to 57.4% from its July peak of 64%, while Ethereum slipped to 13% of total market share, according to CoinMarketCap. Yet, institutions continued to buy the dip. Spot ETF inflows remained strong, with firms such as Strategy and Metaplanet adding exposure.
October carries weight for Bitcoin’s narrative. Historically the strongest month for BTC, traders are now betting big on call options between $120,000 and $125,000. Still, the market shows sharp division: some see a breakdown to $95,000, while others target a surge past $140,000.
Related: Altcoin Season Index Retreats from Highs, Ethereum Correction Adds Pressure
Bitcoin Technical Crossroads
Bitcoin is consolidating around $112,000, caught in a tug-of-war between bulls and bears. Support near $111K–112K has held so far, but a breakdown could drag BTC into the $106K–108K “max buy zone,” according to trader Michaël van de Poppe.
I'm interested to see whether $BTC will hold these crucial levels for support.
— Michaël van de Poppe (@CryptoMichNL) September 23, 2025
If that's the case, then $115K upwards would be the next clear resistance point.
If not? Probably another cascade to $106-108K –> max buy zone. pic.twitter.com/1ByLIcYUkD
On the other side, resistance at $115K remains the key hurdle. If broken, analysts expect momentum to drive prices toward $120K. Symmetrical triangle formations on the charts suggest that a decisive move is imminent, though the direction is unclear.
What TOTAL3 is Saying About Altcoins
The TOTAL3 chart, crypto’s total market cap excluding Bitcoin and Ethereum, has cooled from summer highs and is holding at $1.09 trillion.
Fibonacci levels place resistance at $1.15 trillion. If this level gives way, the path could extend to $1.25 trillion and even $1.34 trillion, reviving hopes of a delayed altseason.
However, if $1.08T support cracks, TOTAL3 could revisit $1T, dragging smaller tokens lower while BTC dominance strengthens further.
Momentum signals tell a mixed story. The MACD shows fading bullish pressure, but balance-of-power indicators hint at quiet accumulation beneath the surface.
Related: Bitcoin (BTC) Price Prediction: Why Is Bitcoin Dropping?
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