Bitcoin (BTC) saw a rise in price on October 10 as “de-risking” took hold in the legacy market. At the start of trading, BTC preserved its weekly support and showed stability ahead of the Wall Street open.
Earlier in the week, Bitcoin bulls had lost their footing, causing BTC/USD to dip to $27,300 before recovering to trade near $27,700. Popular trader Skew noted that there had been a lot of market de-risking in the $27.4K-27.3K range. Maintaining this level was crucial as losing it would push prices back to 1W demand. It was also important for buyers to establish price control to facilitate a move higher.
Skew further advised watching the spot market as derivatives traders currently controlled the trajectory. This sentiment was echoed by Michaël van de Poppe, founder and CEO of trading firm MN Trading. Van de Poppe observed that while altcoins were being “hammered” by sell pressure, Bitcoin held its support. If Bitcoin managed to break above $28,000, he believed that the price could rally to $35,000-40,000.
Altcoins, on the other hand, were bearing the brunt of cautious sentiment in the crypto market. Bitcoin’s share of the overall market cap reached 51.35% on October 9, its highest level since mid-July. Popular trader Crypto Tony noted that many altcoins were breaking major support zones, presenting shorting opportunities. However, he advised caution when it came to Bitcoin, highlighting the importance of the $27,200 level as a crucial support that needed to hold to avoid going short on BTC.
It is important to note that this article does not provide investment advice or recommendations. Investing and trading carry inherent risks, and readers should conduct their own research before making any decisions.
In conclusion, Bitcoin witnessed a price rise on October 10 as the legacy market saw “de-risking.” Bitcoin held its support, while altcoins faced selling pressure. Traders and market participants were closely monitoring key levels and market sentiment to gauge Bitcoin’s future trajectory.