Monday, December 4, 2023

Market Watch Oct 10: Bitcoin Remains Within $18,500 – $20,400 Range.

With internal and external forces preventing a bullish trend reversal, Bitcoin seems to have made itself comfortable within the $18,500 – $20,400 range. BTC price is expected to keep moving in this range in the short term. The popular cryptocurrency’s sideways price action has formed a rectangle pattern, indicating general market indecision.

Bitcoin was recently trading at $19,476. It had seen a brief spur early last week as encouraging data suggested that the economy was slowing and inflation might lessen too. But BTC dived below the crucial $20,000 mark as macroeconomics continues to play. Joe DiPasquale, CEO of BitBull Capital, believes Bitcoin’s failure to breach $20,500 has led to a correction. He said bulls will need to defend the $19,500 mark in an effort to keep chances of a rally alive. DiPasquale highlighted that if support breaks, Bitcoin could plunge below $19,000. But with the CPI report around the corner, more volatility is expected this month.

It should be noted that the love cryptocurrency has managed to avoid a collapse even when the U.S. equities markets were being clobbered. This shows that selling pressure may be reduced. Bitcoin, for a sustained recovery, needs some support from the return of the risk-on sentiment. However, its volatility range-bound action is likely to continue.

Ether has also been relatively flat. It has gained 1.18% in the last 24 hours, as per data from CoinMarketCap, and changing hands at $1,325. Ether is sharing the same daily fluctuations with Bitcoin ever since its game-changing Merge. The altcoins have seen gains. Ripple’s XRP is the biggest gainer. It’s up by 18.32% in the last seven days and 4.19% in the last 24 hours. Polkadot is up by 3.04%, Polygon by 2.64%, and Solana by 2.13%.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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