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

Bitcoin (BTC) ground greater on Oct. 10 after the start of tradition market trading saw “de-risking” take over.BTC/ USD 1-hour chart. Source: TradingViewBitcoins cost maintains weekly supportData from Cointelegraph Markets Pro and TradingView revealed BTC cost stability returning ahead of the Wall Street open.Bitcoin bulls had lost their footing as the week started, with BTC/USD heading to $27,300 before reversing to trade near $27,700 at the time of writing.” Overall theres been a lot of market de-risking into $27.4 K–$ 27.3 K,” popular trader Skew wrote in part of X analysis at the time.” Important area now since losing that level would take rates back to 1W need. Around here into tomorrow purchasers require to develop rate control for a relocation higher.” Continuing on the day, Skew kept in mind that derivatives traders controlled trajectory for the time being.” Better to see what area market desires later,” he recommended.$ BTC as you can see cost is quite associated to perp participation ~ positions going after the marketplace Better to see what spot market wants later on https://t.co/VH46ZsLRbO pic.twitter.com/S3GScvPDtc— Skew Δ (@ 52kskew) October 10, 2023

Some market participants were broadly positive, amongst them Michaël van de Poppe, creator and CEO of trading firm MN Trading.In his newest X post, van de Poppe described altcoins as being “hammered” by sell pressure, while Bitcoin held support. Bitcoin market cap supremacy 1-day chart. Source: TradingView” A lot of Altcoins looking like they are breaking significant assistance zones and bringing us some juicy brief entries,” popular trader Crypto Tony continued on the topic.On Bitcoin, Crypto Tony flagged $27,200 as the level to hold to prevent going short on BTC.

This article does not consist of financial investment guidance or recommendations. Every investment and trading move involves risk, and readers should perform their own research when deciding.

Bitcoin (BTC) ground greater on Oct. 10 after the start of tradition market trading saw “de-risking” take over.BTC/ USD 1-hour chart.” Better to see what area market wants later,” he advised.$ BTC as you can see cost is extremely much correlated to perp involvement ~ positions chasing after the market Better to see what spot market desires later https://t.co/VH46ZsLRbO pic.twitter.com/S3GScvPDtc— Skew Δ (@ 52kskew) October 10, 2023