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Bitcoin Technical Analysis: BTC/USD losing market dominance as altcoins rally

FX Street
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  • BTC/USD remains flat unable to break above $9,350 or below $9,100.
  • The Bitcoin price is currently at $9,208 after losing both daily EMAs.

Bitcoin is losing all of its volatility while many altcoins are experiencing massive bull rallies to 2020-highs and even all-time highs. Bitcoin’s dominance has dropped to 62% from a 69.6% high on May 15. It’s clear that Bitcoin’s lack of action is making investors interested in other coins, especially low market cap coins and DeFi products. 

BTC/USD daily chart

BTCUSD

Bitcoin is continuously dropping below the daily 12-EMA and closing above it most of the time. A clear loss of this EMA and a close below $9,100 will indicate a significant shift in momentum and will favor the bears.

Even if the bears can bring Bitcoin down to $9,000, this support level is extremely robust and will need a lot of trading volume to be broken.

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