Bitcoin Price Flat at $8.3K as Moving Average Indicators Flip Bearish
#Bitcoin price (BTC) continued its latest sideways trading pattern on Oct. 15 as analysts increasingly warned over likely short-term volatility.
Bitcoin clings to $8K support
Data from Coin360 showed #BTC/USD remaining near $8,300 at press time, having fluctuated around that level over the past 24 hours.
Highs during that period topped out at $8,390, the culmination of a build-up that reversed a previous downtrend at $8,240.
Since a sudden dip took place on Sunday evening, Bitcoin has stayed quieter, trading in a narrow range above $8,000 support.
That range forms part of “choppy” conditions for BTC/USD, according to regulator Cointelegraph contributor Michaël van der Poppe.
For him, moving average (MA) prices are dictating the upper and lower bounds for the largest cryptocurrency this week. Specifically, it is “stuck between the 200-Day MA/EMA & 100-Week MA,” he said in private comments.
Fellow contributor filbfilb elaborated on likely price trajectory in the coming hours and days, erring on the side of a slide lower to test $8,000. He told subscribers of his Telegram channel: “Moving averages are crossed bearish on every major timeframe up to but not including the weekly.” Van der Poppe nonetheless remains unconcerned about the overall health of crypto markets. “It completely looks like a beartrap and overall doesn’t look bad at all if you check this whole year,” he summarized.
At current levels, Bitcoin is still up 120% versus the start of the year.
Altcoin growth broadly fizzles
#Altcoins meanwhile slackened their march upwards, which characterized trading on Monday. The top twenty cryptocurrencies by market cap broadly failed to move, gaining or losing up to 2%. The exception was Binance Coin (BNB), which benefited from a dedicated exchange-traded product launching on Swiss stock exchange SIX.
#Ether (ETH), the largest altcoin by market cap, meanwhile gained 0.5% to trade at around $184.
12 minutes ago
Bitcoin Price Falls Under $8K With ‘Ugly’ Scenarios on All Timeframes
#Bitcoin price (BTC) fell below $8,000 in fresh choppy trading action on Oct. 16, after several days of slow grind ended in a bearish turn.
Bitcoin greets midweek traders with $300 dump
Data from Coin360 shows the largest cryptocurrency put an end to its sideways trading style on Wednesday, falling several hundred dollars in minutes.
Markets at first rejected a more precipitous fall, with some exchanges showing Bitcoin reversing at exactly $8,000.
At press time, those levels had given way again, under pressure while fluctuating below the $8,000 barrier on local lows of $7,930.
Commenting, Cointelegraph contributors were unsurprised by the test of support, having warned of its arrival over the past two days.
For filbfilb and Michaël van der Poppe, the more significant lower boundary for Bitcoin lies closer to $7,400.
Current activity is thus dictated by buyers absorbing downward movements, only to increase sentiment to drive prices lower in return. Filbfilb added that all timeframes for Bitcoin trading now look negative. “Bitcoin looking pretty ugly here,” popular Twitter trader Crypto Rand meanwhile added in further warnings on Wednesday, continuing: “Not taking positions for now. But I would be looking to add shorts on the flag retest after the potential breakdown. Always plan in advance to avoid emotional decisions.” #Altcoins follow Bitcoin downhill
Bitcoin’s volatility meanwhile took its toll on altcoin markets. In the 24 hours to press time, many cryptocurrencies in the top twenty by market cap fell around 5%. Leading the losses were Tron (TRX), EOS (EOS) and Binance Coin (BNB), all of which shed between 6% and 7%. Conversely, Bitcoin SV (BSV) delivered 1% gains.
#Ether (ETH), the largest altcoin by market cap, traded 4.2% down at $176.
The overall #cryptocurrency market cap likewise fell, this time to below $220 billion with Bitcoin’s share making up 66.4% of the total.