Bitcoin Dominance Hits 3-Month High
Before the opening of Wall Street, BTC price stability was seen to be returning, according to TradingView data.
Bulls in bitcoin had lost ground at the start of the week; BTC/USD had reached $27,300 before turning around and trading close to $27,700 at the time of writing.
Popular trader Skew stated in part of X analysis at the time that "overall there has been a lot of market de-risking into $27.4K—$27.3K."
“Important area now because losing that level would take prices back to 1W demand. More importantly, around here into tomorrow buyers need to establish price control for a move higher.”
Skew noted that derivatives traders currently controlled trajectory as the day went on. "Better to see what spot market wants later," he suggested.
Some market participants, including Michael van de Poppe, the founder and CEO of the trading firm MN Trading, were generally upbeat.
Data showed that Bitcoin continues to be in the lead when compared to altcoins.
On October 9, Bitcoin's market cap share of all cryptocurrencies reached 51.35%, reaching its highest levels since mid-July.
Popular trader Crypto Tony continued, "A lot of Altcoins look like they are breaking major support zones and bringing us some juicy short entries."
Regarding Bitcoin and cryptocurrencies, Tony indicated $27,200 as the level to hold in order to prevent shorting bitcoin.
Sources:
https://cointelegraph.com/news/bitcoin-dominance-3-month-high-risk-dive
https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE
https://twitter.com/52kskew/status/1711503618791411907/photo/1
https://twitter.com/CryptoMichNL/status/1711443827112681757/photo/1
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