Crypto Market Overview: Bitcoin's Resurgence Fuels Altcoins' Optimistic Outlook
Summary:
Despite an 11% drop in Q3 2023, Bitcoin bounced back with a positive monthly close in September, the first since 2016. This momentum might carry into October, often a profitable month for Bitcoin. The rise in Bitcoin has also piqued interest in altcoins, with some trying to break above overhead resistance levels, indicating a possible robust recovery. Among the altcoins, Maker and Aave showed positive trends while THORChain tested the resistance level at $2. Injective also saw a broad oscillation in its trading range. It's important to remember that despite these trends, every investment and trading strategy involves its own risks, and readers should do their own research.
Bitcoin (BTC) suffered an approximately 11% drop in Q3 2023, despite having grown by about 80% in the first two quarters. However, the closing month of September saw a positive note for investors with the first positive monthly closure since 2016. With hopes of sustained momentum and past data from CoinGlass placing October as a largely profitable month - barring 2014 and 2018 - traders aim to leverage such historical data for formulating fruitful strategies.
A surge in Bitcoin's value recently has spiked interest in altcoins. Various altcoins are aiming to surpass specific overhead resistance levels, an indication of an impending strong recovery. The bullish momentum could potentially amplify if Bitcoin's relief rally reaches $28,000. However, it's important to note, not all altcoins are predicted to see a surge. Cryptocurrencies showing robustness will likely initiate the climb.
Bitcoin traded above moving averages since Sep. 28, signalling a positive trend and a gradual shift towards buyers. The resistance level of $27,500 posed a challenge for the rally, but the bulls didn't lose major ground, raising the possibility of breaching the $27,500 level and thereby retesting the significant overhead resistance at $28,143.
With regards to altcoins, Maker (MKR) displayed a new trend after breaking and closing above $1,370 on Sep. 26. A stall to the up-move at $1,600 was observed, but bulls bought the dip at $1,432 implying a positive sentiment and bullish behaviour.
Aave (AAVE) attempts to break above the long-term downtrend line, indicating a potential shift in trend. There was a rebound off the 20-day EMA on Sep. 28, suggesting a sentiment switch from selling on rallies to buying on dips. THORChain (RUNE) has approached the overhead resistance level at $2, their third attempt in recent days.
Injective (INJ) oscillated within a broad range between $5.40 and $10 over multiple days. Despite the randomness and volatility within a range, the space offers potential trading prospects.
This news piece doesn't provide investment advice or suggestions and readers are encouraged to do their own due diligence given the inherent risk in investments and trading decisions.
Published At
10/1/2023 6:03:54 PM
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