Bitcoin Price Must Hold $9.7K or Risk New 5-Month Low, Says Analyst

Bitcoin (BTC) worth fell beneath $9,700 on Sept. 24 as bears continued to dictate market efficiency and restrict positive aspects.

Cryptocurrency market daily overview

Cryptocurrency market day by day overview. Source: Coin360

Bitcoin worth struggles to carry $9,700

Data from Coin360 painted a dark image for Bitcoin buyers on Tuesday, with BTC/USD bouncing off lows of $9,630 to hover nearer to $9,750 at press time.

The pair misplaced 2.6% because the weekend ended, firmly rejecting the bullish conduct which had characterised markets in earlier months.

Bitcoin’s drop beneath $9,800 was the most recent in a sluggish grind downwards, which started initially of September. Highs for the month at present sit at $10,900, whereas quarterly losses complete 23%.

Bitcoin seven-day price chart

Bitcoin seven-day worth chart. Source: Coin360

For common dealer and Cointelegraph contributor Crypto Michaël, the subsequent Bitcoin worth zone to look at lies instantly beneath present buying and selling ranges. Break that, he stated in a recent replace on Tuesday, and buyers might look ahead to a check of $7,500 help.

“Staying above -> nothing to worry. I’d rather catch the big wave,” he summarized.

Others appeared to share the identical sentiment, broadly agreeing markets have been set for an extra stoop earlier than any significant change in sample emerged.

Factors behind the lackluster outlook range. The launch of Bakkt’s Bitcoin futures didn’t have the catalyzing effect many had hoped for, whereas 50% of open interest in Bitcoin choices is ready to run out on Sept. 27.

Such expiration factors have traditionally exerted a negative strain on Bitcoin worth.

Altcoins outdo Bitcoin to fall laborious and quick

A worse image, nonetheless, got here from altcoin markets, which misplaced out significantly as Bitcoin fell.

In the highest twenty cryptocurrencies by market cap, Litecoin (LTC) led the exodus of money, dropping 8.7% on the day. Stellar (XLM) additionally suffered, dropping 6.3%.

Ether (ETH), the biggest altcoin, dropped again beneath $200 with practically 6% day by day losses.

Ether seven-day price chart

Ether seven-day worth chart. Source: Coin360

Commenting on the general panorama, the Twitter analyst PlanB recommended altcoins have been on a longer-term path again to subservience to Bitcoin.

“While #bitcoin oscillated last 5 months around ATH level of $10k (only Dec 2019 was higher!), the altcoin narrative is losing its luster rapidly,” he wrote on Tuesday.

The general cryptocurrency market cap stood at $256 billion at press time, with Bitcoin’s share at 68.5%.


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