Bitcoin Dominance Reaches 3-Month High as Altcoins Risk a ‘Hammer’ Drop Cryptocurrency scrgruppen
Bitcoin (BTC) rose on October 10 after the start of legacy market trading saw “de-risking” take over.
Bitcoin price holds weekly support
Data from Cointelegraph Markets Pro and TradingView Show BTC price stabilization before Wall Street opens.
Bitcoin bulls lost ground at the start of the week, with BTC/USD heading towards $27,300 before reversing to trade near $27,700 at the time of writing.
“Overall, there was a lot of de-risking in the market to $27.4K-$27.3K,” said popular trader Skew. books In part of X’s analysis at the time.
“Important area now because a loss of this level would put prices back in demand by 1W. Most importantly, buyers between now and tomorrow need to put control on prices in order to move higher.
Continuing today, Skew noted that derivatives traders are controlling the trend at the moment.
“It’s better to see what the spot market wants later,” he advised.
$ Bitcoin
As you can see, the price is closely related to the involvement of the perpetrators
~ Positions that haunt the market
Better to see what the spot market wants later https://t.co/VH46ZsLRbO pic.twitter.com/S3GScvPDtc
– Δ skew (@52kskew) October 10, 2023
Some market participants were broadly optimistic, including Michael van de Poppe, founder and CEO of trading firm MN Trading.
In his latest post on X, Van de Poppe described altcoins as “under pressure” due to selling pressure while Bitcoin held support.
“If Bitcoin can surpass $28,000 again, the hypothesis of $35,000 to $40,000 could become real,” he said.
Previous post And he expected “The path towards $30,000 will likely start from here,” he said, with an accompanying chart showing the relevant resistance levels.
Altcoins are bearing the brunt of the cryptocurrency cold
At the same time, the data showed that against altcoins, the picture remains in favor of Bitcoin.
Related: War, CPI, and $28K Bitcoin Price – 5 Things to Know in Bitcoin This Week
Bitcoin’s share of the total cryptocurrency market capitalization reached 51.35% on October 9, marking its highest levels since mid-July.
“It looks like a lot of altcoins are breaking through key support areas and bringing us some exciting short entry points,” said popular Crypto trader Tony. I continued about this subject.
On Bitcoin, Crypto Tony marked $27,200 as a level to hold to avoid shorting BTC.
$ Bitcoin / American dollar – to update #Bitcoin Its range continues as we bounced off the support area yesterday. I will remain long until we lose $27,200, and then I will look to sell it pic.twitter.com/rLyokRPqWp
– Crypto Tony (@CryptoTony__) October 10, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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