On October 10, Bitcoin (BTC) moved higher after “de-risking” traditional market trading began to take over.
Bitcoin Price Holds Weekly Support Level
Data comes from Cointelegraph Markets Pro and trading view Bitcoin prices are showing a return to stability ahead of the open on Wall Street.
Bitcoin bulls have lost their footing at the start of the week, with BTC/USD trading as high as $27,300 but back up to around $27,700 at the time of writing.
“Overall, market risk has significantly reduced to $27,400 to $27,300,” said popular trader Skew wrote part of the X analysis at that time.
“This is an important area now as losing this level will bring prices back to 1W demand. More importantly, buyers need to establish price control between now and tomorrow to drive prices higher.”
On the day, Skew noted that derivatives traders were temporarily in control of the action.
“It’s better to see what the spot market wants later,” he suggested.
Bitcoin USD
As you can see, the price is closely related to the level of involvement of the criminal~ Chasing market positions
Better to see what the spot market wants later pic.twitter.com/S3GScvPDtc
— Skew Δ (@52kskew) October 10, 2023
Some market participants are generally optimistic, including Michaël van de Poppe, founder and CEO of trading firm MN Trading.
In his latest X post, van de Poppe described altcoins as being “hit” by selling pressure, while Bitcoin was supported.
“If Bitcoin can break above $28,000, the $35,000-$40,000 argument could become a reality,” he said.
previous post expected “The road to $30,000 will likely start here,” along with a chart showing associated resistance levels.
Cryptocurrencies get cold feet, altcoins bear brunt
Meanwhile, data shows that the situation remains favorable for Bitcoin relative to altcoins.
Related: War, CPI, and $28,000 BTC Price – 5 Things to Know About Bitcoin This Week
On October 9, Bitcoin’s share of the total cryptocurrency market value reached 51.35%, hitting the highest level since mid-July.
Popular trader Crypto Tony said: “Many altcoins look like they are breaking out of major support areas and giving us some juicy short entry opportunities.” continue on this topic.
On the Bitcoin side, Crypto Tony marked $27,200 as a hold level to avoid shorting BTC.
Bitcoin USD / Dollar – renew #bitcoin As we bounced off the support zone yesterday, volatility continued.I will continue to go long until I lose $27,200, then I will consider going short pic.twitter.com/rLyokRPqWp
— CryptoTony (@CryptoTony__) October 10, 2023
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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