Bitcoin dominates 3-month high as threat of ‘hammer’ altcoins deepens
Bitcoin (BTC) took control of “risk aversion” after trading at an October 10 high.
Bitcoin Price Expects Weekly Support.
Data from Cointelegraph Markets Pro and TradingView showed BTC price stability returning ahead of the Wall Street open.
Bitcoin bulls lost their footing earlier in the week, with BTC/USD heading towards $27,300 before reversing to trade near $27,700 at the time of writing.
“There was a lot of market risk, totaling around $27.4k-$27.3k,” noted trader Skew wrote in X Analytics at the time.
“A very important position now because losing that level will send prices back to 1W demand. After all, here to tomorrow buyers must establish price control to move higher.
The continued skew of the day indicated that derivatives traders have taken control of their direction for the time being.
“It's better to see what the local market wants later,” he advises.
As you can see, $BTC price is highly correlated with actual participation.
~ Places that chase the market
Better to see what the space market wants later pic.twitter.com/S3GScvPDtc
— Skew Δ (@52kskew) October 10, 2023
Some market participants were more optimistic, including Michael van de Pop, founder and CEO of trading firm MN Trading.
In X's last post, Van de Pop noted that altcoins were “hammered” by selling pressure, while Bitcoin held support.
“If Bitcoin can return above $28,000, the $35,000-$40,000 thesis could become a reality,” he argued.
A previous post predicted “The road to $30K is about to start here,” with a chart showing the relevant resistance levels.
Altcoins crypto get cold feet
Meanwhile, on altcoins, the picture remains in favor of Bitcoin, the data showed.
Related: War, CPI and $28K BTC price – 5 things to know in Bitcoin this week
Bitcoin's share of the overall crypto market reached 51.35 percent on October 9, the highest level since mid-July.
“Many Altcoins seem to be breaking major support zones and bringing us some juicy short entries,” noted crypto trader Tony continued on the topic.
On Bitcoin, Crypto Tony has suggested $27,200 as the level not to be short on BTC.
$BTC / $USD – Update continues as #Bitcoin broke out of the support zone yesterday. I'll wait until we lose $27,200, then I'll look down pic.twitter.com/rLyokRPqWp
— CryptoTony (@CryptoTony__) October 10, 2023
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
