Sunday, December 10, 2023

Market Watch Oct 8: Crypto Market Dips as More Federal Rate Hikes Coming.

The first week of October hasn’t seen much gains in the crypto market as Bitcoin seems to be comfortable in the $19,000 level. The popular cryptocurrency’s recent highs above the $20,300 mark left investors high and dry. Traders had placed their focus on Bitcoin price pushing through long-term descending trendline resistance.

Ray Salmond, a crypto analyst with Cointelegraph, believes BTC price simply consolidated its way through the trendline by trading in a sideways manner where the price has been range bound between $18,500 and $24,500 for the past 114 days.

At the time of writing this article, Bitcoin was changing hands at $19,501 losing nearly 2% of its value in the last 24 hours. Ethereum, also down by 1.55%, was changing hands at $1,329. The majority of the altcoins are in the red except for Ripple’s XRP which has recorded gains of nearly 7% in the last 24 hours. Uniswap (UNI) is the biggest loser. It’s down by 2.54%, Polygon MATIC lost 1.34%, Solana 1.30%, and Cardano is down by 0.37%.

Analysts say Bitcoin and Ether have resiliently held within a narrow band throughout the recent flurry of economic releases. Moreover, Bitcoin’s increased correlation to gold prices reflects its muted volatility. Traders at present are concerned about BTC’s price at $19,500 because the next price level where support exists is close to $19,200, and $19,200 is close to the $19,000 mark. This is where the open interest for put options exceeds that of call options. Analysts believe that breaching this level will likely put additional weight on BTC’s price.

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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