Bitcoin Recovers Amid Legacy Market Trading; Altcoins Prepare for Short Entries
Summary:
On October 10, Bitcoin's price stabilized after a dip to $27,300, thanks to the onset of legacy market trading and a trend of "de-risking." Popular trader Skew suggested that derivative traders currently control the price direction while prominent market player, Michaël van de Poppe, maintained that if Bitcoin could rise above $28,000 again, a price range of $35,000 to $40,000 would be possible. The current state of altcoins indicates likely short entries, as Bitcoin continues to dominate the market.
On October 10, Bitcoin (BTC) experienced a mild boost, triggered by the commencement of "de-risking" prevalent in the legacy markets. Information drawn from Cointelegraph Markets Pro and TradingView indicated the regaining of stability in the BTC price, commencing ahead of the trading session on Wall Street.
This renewed strength was recovering from the initial starting stumble of the week, seeing BTC/USD dwindling down to $27,300, subsequently climbing back, and settling just shy of $27,700 at the point of documentation. Skew, a prominent trader, signified a significant de-risking shift trending in the $27.4K to $27.3K threshold. This zone is critical since dipping below that would force pricing towards 1W demand. Similarly, it's crucial, particularly at this juncture, that prospective buyers exert price control for the purposes of increasing value.
Skew accentuated the dominance derivative traders exercise on short-term price direction. Yet, he suggested waiting to determine the desires of the spot market later.
Michaël van de Poppe, founder, and CEO of trading firm MN Trading, presented optimistically about the market's overall performance. In his latest report, Van de Poppe commented on the intense selling pressure adversely affecting altcoins, concurrently, Bitcoin successfully maintained support. Should Bitcoin surge above $28,000 once again, the possibility of hitting anywhere from $35,000 to $40,000 could become likely, he suggests. Based on earlier speculation, the projected trajectory towards $30K is anticipated to inaugurate from this point, coupled with a chart outlining relevant resistance levels.
In comparison with altcoins, Bitcoin seemed to emerge favorably, according to the data. On October 9, Bitcoin's proportion of the total cryptocurrency market capitalization peaked at 51.35%, the highest since mid-July. Crypto Tony, a popular trader, stressed the matter by highlighting potential short entries driven by many altcoins potentially breaching significant support areas. He underscored the $27,200 threshold as a key point to maintain for Bitcoin if short selling is to be prevented.
Please note that this material does not offer investment advice. Investment and trading entail risks; thus, all decisions should rely independently on comprehensive research.
Published At
10/10/2023 9:04:52 AM
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