Yesterday, the leading cryptocurrency Bitcoin experienced a significant surge, briefly surpassing the $107,000 mark. During intraday trading, Bitcoin reached a peak of $107,108, which was just 2% away from its all-time high of $109,588, before subsequently retreating. At the time of reporting, Bitcoin had slightly pulled back to $104,976, but market sentiment remained strongly bullish. Various on-chain indicators suggested that the upward momentum in the market was likely to continue.

Data provided by Blockchain Center indicated that the cryptocurrency market was still deeply entrenched in \"Bitcoin Season,\" a phase where Bitcoin notably outperforms the broader altcoin market. As of this moment, among the top 50 altcoins, only 16 (or 32%) have managed to outperform Bitcoin over the past 90 days, a figure significantly lower than the 75% threshold typically needed to define \"Altcoin Season.\"

Additionally, Bitcoin's increasing dominance further supported this observation. Since plummeting to a two-month low of 61.89% on May 16, the Bitcoin Dominance Index (BTC.D), which tracks Bitcoin’s proportion of the total cryptocurrency market capitalization, has been steadily climbing. As of this writing, the index stood at 63.92%.

Notably, since May 14, the Total Market Cap Excluding Bitcoin (TOTAL2) has shown a downward trend. Currently, it is valued at $1.18 trillion, having dropped by $83 billion over the past week. This divergence indicates that market participants are increasingly shifting their investments towards Bitcoin rather than altcoins.

The current market behavior suggests that traders are reinforcing their confidence in Bitcoin's stability, particularly as the primary cryptocurrency attempts to maintain itself above the critical $105,000 price level.

On the daily chart, Bitcoin’s Directional Movement Index (DMI) confirmed the bullish pressure within the market. At present, Bitcoin’s positive directional index ( DI, blue) is positioned above its negative directional index (-DI, orange). When an asset’s DMI is configured in this manner, it signifies that bullish momentum is stronger than bearish momentum, indicating a prevailing uptrend and buying pressure in the Bitcoin market. Should this trend persist, Bitcoin’s price may attempt to break through the resistance at $107,048 and potentially rally towards its all-time high of $109,588.

Conversely, if selling pressure intensifies, Bitcoin’s price might drop to $102,080.

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