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“Amidst Bitcoin’s predictable trading range, there emerges a tantalizing question: Will the sideways price action beckon altcoin traders to embark on fresh ventures? The allure of a trending move within an asset class often draws traders into the fold, while a stagnant price action compels investors to bide their time. Bitcoin, for the past several months, has found itself ensnared within a confining range. This may well explain the significant drop in spot trading volumes, a matter highlighted by Bloomberg’s report on October 11, citing a 52% plunge in Coinbase’s spot trading volume for Q3 2023 compared to the same quarter in 2022. Although the immediate future remains cloaked in uncertainty, traders must remain vigilant, as protracted consolidations typically precede a surge of intense price activity. Yet, the conundrum lies in predicting the direction of this inevitable breakout. Notably, the bulls have steadfastly defended Bitcoin’s position, preventin...

The latest episode of The Market Report analyses the recent Bitcoin price correction to $26,000 and what it reveals about the current market structure. In the latest episode of Cointelegraph’s The Market Report, analyst Marcel Pechman delves into Bitcoin’s recent drop to $26,000. Derivatives market Analysis shows Bitcoin (BTC) options and futures metrics lack signs of professional traders going bearish, and while that doesn’t guarantee a quick return to $29,000 support, it reduces the chances of an extended correction . Pechman presents a Kaiko data chart on BTC liquidity and volatility, which significantly decreased since the FTX collapse in November 2022. And with no liquidity issues or heightened volatility indicated, did the 11.4% mid-August price drop worsen conditions due to the largest futures liquidations since November 2022? Bitcoin futures premium settled at a neutral 6% after the recent $26,000 crash, signaling balanced demand between leveraged longs and shorts. This al...

Bitcoin is searching for stability in the $25,000 zone, meanwhile, HBAR, OP, INJ and RUNE price looked primed for further upside. Trader sentiment has turned bearish following Bitcoin’s (BTC) 11% slump this week. Although Bitcoin is taking support near $25,000, several analysts are factoring in another leg down toward the crucial $20,000 level. The weakness is not limited to the cryptocurrency markets alone. United States equities markets also witnessed a losing week. The S&P 500 Index fell 2.1% and the Nasdaq Composite dropped about 2.6%, both indices recording a three-week losing streak. This suggests that traders are in a risk-off mode in the near term. Crypto market data daily view. Source: Coin360 The fall in Bitcoin dragged several altcoins lower, indicating a broad-based sell-off. However, amongst the sea of red, there are a few altcoins that have stood out either by bouncing off strong support levels or by continuing their up-move. Let’s study the charts of the top-5 cryp...

Bitcoin bulls have failed to step in, increasing the chance for a retest of the $29,500 support. Bitcoin (BTC) remains stuck inside a narrow range, making it difficult to predict the direction of the next possible breakout. The United States dollar index (DXY), which generally moves in inverse correlation to Bitcoin, dropped below 100 but that has failed to propel Bitcoin higher. This suggests that Bitcoin is charting its own course in the near term. Therefore, the earnings season from big companies this week may sway the U.S. equities markets but may not have the same effect on Bitcoin. It is becoming increasingly difficult to pinpoint the event or the news flow that will cause Bitcoin’s price to escape the range. Daily cryptocurrency market performance. Source: Coin360 The uncertainty about Bitcoin’s next directional move has not deterred the whales. CryptoQuant’s contributing analyst SignalQuant highlighted that the on-chain indicator, the unspent transaction outputs, has been risi...

PEPE quietly pulled off a 100% rally earlier this week, raising questions on whether the frog-themed memecoin will become a serious Dogecoin competitor. A few months ago Pepecoin came and went, bringing quick, unimaginable riches to early investors and turning latecomers into reluctant bag holders. While the chart resembles the standard crypto pump-and-dump scheme, Pepecoin’s (PEPE) price action this week suggests that the frog-themed token could be the newest contender to Dogecoin (DOGE) in the memecoin sector. Dogecoin has dominated the memecoin space for years. Many copycats of dog-themed tokens, like Shiba Inu (SHIB) and Floki (FLOKI), have challenged DOGE’s position over the years but eventually faded. SHIB briefly surpassed DOGE in market capitalization after rising 1,000% to a peak valuation of $41.1 billion on Oct. 28, 2021. At the time, Dogecoin’s market capitalization was $31.5 billion. However, the near-vertical rally faded in the following weeks, and Dogecoin reclaimed i...

Bitcoin’s failure to clear the overhead resistance at $30,000 is attracting profit-booking in select altcoins. Bitcoin (BTC) has been trading below $29,000 for the past several days. The analyst community remains divided on the near-term prospects of Bitcoin. While some believe that Bitcoin could rise to $30,000, others are of the opinion that a local top has been made. Bloomberg Intelligence senior macro strategist Mike McGlone said that cryptocurrencies, along with the stock market, crude oil and copper may find it difficult to sustain the recent bounce because bank liquidity levels remain tight. Daily cryptocurrency market performance. Source: Coin360 On the other hand, SkyBridge Capital founder Anthony Scaramucci, while speaking with Yahoo Finance, said that Bitcoin’s bear market may be over, but he added that it was a guess. However, Scaramucci highlighted that Bitcoin has repeatedly outperformed other asset classes over the long term. Will Bitcoin turn down from the current leve...

Technical charts are beginning to suggest that BTC is at the end of its bear market cycle, and traders believe this could yield positive results for most altcoins. Bitcoin (BTC) has been sustaining above the $25,000 level for the past few days, increasing the likelihood that the bear market may have ended. Generally, in the initial stages of a new bull phase, several analysts remain in a state of disbelief and expect the resumption of the downtrend. Another group of traders continue to wait for the dip to buy at lower levels but the price does not oblige. Finally, the traders sitting on the fence throw in the towel and buy and that is when the correction is likely to happen. Such a pullback shakes out the weak hands and transfers the asset into the hands of investors with conviction. Daily cryptocurrency market performance. Source: Coin360 When a new trend is getting established, certain events tend to cause a knee-jerk reaction but it is unlikely that the trend is reversed. In Bitco...