Bitcoin Champion of Unstable Prices. Again.

Bitcoin Champion of Unstable Prices. Again. These Are the Levels to Watch

10 October 2023

Here is a Bitcoin champion of volatile pricing, with the price of Bitcoin rising less than 1% in the last 24 hours to $27,650.Though Bitcoin has failed to recapture its previous top above $28,500 set during a rebound at the end of September, the largest crypto remains comfortably above the $26,000 zone that prevailed for more than a month in a period of historically calm trading.

On the penultimate day of trading, Alex Kuptsikevich, an analyst at broker FxPro, stated that another effort by Bitcoin to break over $28,000 caused a wave of selling that drove the price down to $27,200 at the pinnacle of the slide. Bitcoin has technically established $28,000 as a serious resistance level, but it is not yet on a definite downward path.

While Bitcoin is expected to move in lockstep with other risk-sensitive assets this week due to persistent concerns over the war in Israel and the outlook for interest rates, there are patterns to watch outside the Dow Jones Industrial Average and S&P 500 movements. Bitcoin bulls are looking for a continuation of the rise after breaking out of the zone around $26,000, but technical levels are standing in the way.

Katie Stockton, managing partner at technical analysis firm Fairlead Strategies, also weighed in, suggesting that Bitcoin’s recent climb has pushed it to long-term resistance near $28,100.Given the recent oversold upturn, we remain neutral in the intermediate term. Key support is at $25,200.

Beyond Bitcoin champion of instability, The second-largest token, Ether, was down less than 1% at $1,590. Smaller cryptos, or altcoins, were uneven, with Cardano rising less than 1% but Polygon falling 2%. Memecoins were quite quiet, with Dogecoin and Shiba Inu trading around flat.

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