Bitcoin price analysis: BTC/USD capped by $8,250 despite altcoins buying spree
|- Bitcoin is losing its market share to altcoins.
- $8,250 hurdle ought to be taken out soon.
Bitcoin is capped by daily 50-EMA, now at $8,250, while the altcoins are surging. Bitcoin dominance dropped below 40% for the first time since the end of February. Relatively stable price of BTC amid altcoins stellar growth may signal that investors are willing to take risks again.
Increased regulation may attract institutional money to the cryptocurrency market, which will make it more mature and ensure its exponential growth in future. General crypto market capitalization has settled above $350B.
Bitcoin price technical picture
BTC/USD sentiments remain bullish as long as it stays above $8,100-$8,000 area, though the coin has to clear $8,250 hurdle as soon as possible to escape rangebound trading. A sustained move above the said resistance will open the way towards initial upside target at $8,400 and ultimate near-term goal at $9,000. This may happen even by the end of the weekend, provided that overall momentum is positive. On the other hand, altcoins may enter correction phase from highly overbought levels, which will drag BTC down. Critical support is located at $7,800 and followed by $7.500.
BTC/USD, the daily chart
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