Bitcoin dominance hits 3-month high as ‘hammered’ altcoins…


Bitcoin (BTC) ground higher on Oct. 10 after the start of legacy market trading saw “de-risking” take over.

ce458376 6648 4a20 97f0 df802ee0135d
BTC/USD 1-hour chart. Source: TradingView

Bitcoin price preserves weekly support

Data from Cointelegraph Markets Pro and TradingView showed BTC price stability returning ahead of the Wall Street open.

Bitcoin bulls had lost their footing as the week began, with BTC/USD heading to $27,300 before reversing to trade near $27,700 at the time of writing.

“Overall there’s been a lot of market de-risking into $27.4K – $27.3K,” popular trader Skew wrote in part of X analysis at the time.

“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.”

Continuing on the day, Skew noted that derivatives traders controlled trajectory for the time being.

“Better to see what spot market wants later,” he advised.

Some market participants were broadly optimistic, among them Michaël van de Poppe, founder and CEO of trading firm MN Trading.

In his latest X post, Van de Poppe described altcoins as being “hammered” by sell pressure while Bitcoin held support.

“If Bitcoin is able to break back above $28,000, the thesis to $35,000-40,000 might become real,” he argued.

A previous post predicted that “most likely the path towards $30K is going to start from here,” with an accompanying chart showing relevant resistance levels.

cf1f3492 48f2 4d20 ba72 8d97e72bdbde
BTC/USD annotated chart. Source: Michaël van de Poppe/X

Altcoins bear brunt of crypto cold feet

Against altcoins, the picture remains in Bitcoin’s favor, data meanwhile showed.

Related: War, CPI and $28K BTC price — 5 things to know in Bitcoin this week

Bitcoin’s share of the overall crypto market cap hit 51.35% on Oct. 9, marking its highest levels since mid-July.

19dbdd4a c00b 4e06 a2aa 0d485ef65352
Bitcoin market cap dominance 1-day chart. Source: TradingView

“A lot of Altcoins looking like they are breaking major support zones and bringing us some juicy short entries,” popular trader Crypto Tony continued on the topic.

On Bitcoin, Crypto Tony flagged $27,200 as the level to hold to avoid going short BTC.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

You might also like
Leave A Reply

Your email address will not be published.

You have not selected any currency to display
Translate »