Bitcoin’s price gained ground on October 10 after the start of legacy market trading triggered a “de-risking” trend. The stability of BTC price returned ahead of the Wall Street open, preserving the weekly support.
Bitcoin’s price initially dropped to $27,300 but quickly reversed and traded near $27,700 at the time of writing. According to popular trader Skew, there has been a significant de-risking toward the $27.4K-$27.3K level. Losing this level would take prices back to 1W demand, making it crucial for buyers to establish price control for a move higher.
Despite the overall market volatility, some market participants remain optimistic. Michaël van de Poppe, founder and CEO of trading firm MN Trading, believes altcoins have been hit by sell pressure while Bitcoin has held its support. If Bitcoin manages to break above $28,000, van de Poppe argues that the thesis for the price reaching $35,000-$40,000 could become a reality.
Altcoins, on the other hand, have seen a decrease in market share compared to Bitcoin. Bitcoin’s share of the overall crypto market cap reached 51.35% on October 9, the highest level since mid-July. As a result, many altcoins are breaking major support zones, indicating potential short entries.
The level to hold for Bitcoin is $27,200, according to popular trader Crypto Tony. He remains long on BTC until it loses this level, at which point he will consider shorting.
It’s important to note that this article does not provide investment advice. Investing in cryptocurrencies involves risk, and readers should conduct their own research before making any investment decisions.