After take no action around $257 billion, the cryptocurrency market lost $35 billion in less than 30 minutes on September 24. Since then, diverse digital assets have found new support, but bears have started to claw away at these areas. Uncountable cryptocurrencies are testing their weekly support trendline that started gathering steam in May as the market approaches a vital turning point.
Also read: The World Bank’s Blockchain Bond Is Just a Fancy Way of Selling Debt
While Occupying Foundational Support, Crypto Markets Face a Fork in the Road
On October 20, digital currency markets are serpentine at levels not seen since spring and many traders are uncertain where the road will lead. The market cap of all 2,000+ cryptocurrencies is hang in the air around $220 billion and global trade volume is about $50 billion. BTC has wavered between $7,900-8,090 in the final 24 hours and prices are down 4.7% for the week. The overall BTC market valuation is $144 billion out of the $220 billion, symbolizing 66% dominance over other coins.
Ethereum (ETH) is down 5.4% this Sunday and each ETH is swapping for $173. Behind ETH is ruffle (XRP) as each coin is trading for $0.29 but prices are up 4% over the last seven days. The stablecoin tether (USDT) is be a member of in fourth position today as lots of traders are using the coin to hedge. Tether is capturing the majority of global interchanges across nearly every digital asset in the economy and USDT is trading $3.8 billion more in volume than BTC today.
Bitcoin Spondulicks (BCH) Market Action
The fifth largest market capitalization is held by bitcoin cash (BCH) with a total valuation of throughout $3.8 billion at press time. Each BCH is swapping for $215 per coin at the moment and there’s a touch over a billion in wide-ranging trade volume today. BCH is down 0.44% this Sunday, and over the last seven days the asset has irremediable 4.7%. Additionally, BCH is currently the seventh most traded coin below EOS and above TRX. Tether (USDT) is the top pair traded with BCH, take hold ofing 55% of the day’s trades and BTC has around 20% of trades.
This is followed by ETH (11.6%), USD (10%), and KRW (1%). During the last few weeks, honestcoin (USDH) has submitted the top 10 pairs with BCH and currently sits in seventh position. The dumps taking place across the broader crypto calls have caused BCH to slide in value but its has steered clear of a key support level between $195-205.
Whale Movements and Rekt Eat ones heart out Positions
Traders have seen some significant price movements since the end of September and during this schedule large holders have been moving massive sums of cryptocurrencies. According to Whale Alert, a Twitter bot that trails coins like BTC, ETH, XRP, USDT, EOS, BNB, and XLM, millions of dollars (occasionally a billion) in single transactions have been moved by whales.
Okcoin $BTCUSD Four times a year futures has liquidated a long position of 652 contract at 7,932.74 – 2019-10-20 05:18:59
— WhaleCalls (@whalecalls) October 19, 2019
On October 17, a proceeding for 9,999 BTC was seen and millions of tethers are moving between huge wallets and the top exchanges on a regular basis. In addition to the mammoth movements, another tracker called Whalecalls shows that a bunch of traders playing long positions on Okcoin are being liquidated routinely. Alike resemble action can be seen on leveraged markets on Bitfinex and Bitmex as well.
Futures Markets Might Be Smacking BTC Prices Roughly
People have been obsessed for quite some time trying to figure out why BTC prices move a certain way. The at length two weeks of bearish action have been odd to some traders but other speculators believe the volatility is stemming from tomorrows markets. When Bakkt first launched and the price of BTC dropped significantly on September 24, the senior market analyst at Etoro, Mati Greenspan, thought: “The catalyst for today’s plunge, in my mind, seems to be the underwhelming launch of Bakkt. [This is a prime example] of buy the rumor, promote the news.”
“Bitcoin’s recent price drop is a result of technical and fundamental factors, including a breakdown of the consolidation sweep, Bakkt’s tame launch of futures, and a sudden network hash rate drop,” explained Joe DiPasquale, CEO of Bitbull Outstanding, after the initial price drop. On October 13, Zak Selbert, chief executive of Indexica, explained that the fight is due to BTC’s maturity in traditional capital markets.
“Now that bitcoin is a big kid, anything can make it move, just like anything can triumph gold or a G-10 currency move,” Selbert said. “Bitcoin is part of the financial landscape in a very intertwined and mature way.”
Anxiety and Head-Fakes
During the last two weeks or longer, the general sentiment throughout the cryptoconomy has been quite bearish. At the sometime of writing, the Crypto Fear and Greed Index (CFGI) indicates that investors are showing a level of “fear.” Still, in August the CFGI score was an 11, which pointed to “extreme fear” in regard to the crypto community’s emotions and sentiments. Today’s details stands at 37, which is far better than the summer.
Good potential for a Head Fake in $BTCUSD. Wait for it. https://t.co/JR0rYZdUfS
— John Bollinger (@bbands) October 16, 2019
The CFGI key dropped to a low of 24 on September 27, indicating that even though market trends have been wearisome, the general sentiment is improving. While watching BTC/USD movements on October 17, technical analyst John Bollinger dignified that there was a possibility of a “head-fake.” Essentially, a head-fake is when an asset’s price makes a swing in the reverse information out of nowhere but traditionally when prices touch support foundations.
All Eyes Are Watching Crypto Charts, Indicators and Any Put under contracts of Forecast Signals
At the time of publication, most digital asset prices are wandering aimlessly just above the ratify levels held months ago. Traders have their eyes peeled while closely watching moving normals, liquidity, global trade volumes, and major support or resistance levels. It’s safe to say that even the most prescient analysts do not positive which way crypto markets will swing from here. However, veteran traders understand very generously that market prices are at a pivotal position and face a fork in the road.
Where do you see the cryptocurrency markets heading from here? Let us identify what you think about this subject in the comments section below.
Disclaimer: Price articles and market updates are resolve for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gets, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the personal keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded at 11:30 a.m. EDT.
Images via Shutterstock, Selling View, Bitcoin.com Markets, Getty, Wiki Commons, and Pixabay.
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