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October 5, 2022
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Guide & Analysis

Critpo market analysis: September 11

Bitcoin tried to top $ 10,500, but to no avail. Most altcoins are receding strongly after yesterday’s impressive gains

Most of the cryptocurrency market is receding on a 24-hour scale, despite the increase in intraday value. Bitcoin has risen to almost $ 10,500, but is back below $ 10,300, while Ethereum drops to $ 360.

Bitcoin stopped at $ 10,500

The positive news for BTC is that its price remains in the five-digit range. In fact, Bitcoin even increased towards its previous 2020 high of $ 10,500 yesterday. However, the bears stopped before they had a chance to win him over. Ultimately, BTC returned to its current level of $ 10,280.

From a technical perspective, the $ 10,000 remains a critical support line. If Bitcoin cannot sustain, the asset could fall to $ 9,800 and potentially close the CME gap at $ 9,650.

Alternatively, BTC has to overcome the first resistance by $ 10,420 before it can potentially challenge the $ 10,500 again.

The evolution of Bitcoin’s price yesterday resembled that of gold again. The precious metal traded at $ 1,950 an ounce and reached its highest intraday high of nearly $ 1,970. However, similarly to what happened with Bitcoin, gold returned to $ 1,940.

The 60-day correlation of the two assets reached a new historical record. On a lower scale, they exhibited brief signs of decoupling, but it appears that gold and Bitcoin are making similar moves again.

Altcoins lose value

After yesterday’s highly positive trading day, most alts are in the red today. Ethereum fell about 2% to $ 360 and Ripple (-2.5%) to $ 0.24.

The three currencies fighting for 5th place in the last few weeks, namely Chainlink, Bitcoin Cash and Polkadot, are also recovering. LINK decreased 6%, BCH 2.5% and DOT lost the most (-9%).

Critpo market analysis: September 11 22

Additional losses are evident with lower capitalization alts and, particularly, tokens related to DeFi. SushiSwap leads this adverse trend with a drop of 25%, and Ampleforth continues with -22%.

Armweave (-14%), Kusama (-12%), Ren (-11.5%), Serum (-11%), Compost (-11%), Elrond (-11%), Solana (-10.5) %) and THORChain (-10.5%) – all decrease in double-digit percentages.

However, several currencies are also increasing in value. IOST (13%) leads, Celsius continues with an increase of 12% and Yearn.Finance is next with 11% on a 24-hour scale.

It is important to note that Coinbase Pro, the leader in the USA, will list YFI on its platform. The asset price rose to $ 35,000 after the announcement, but fell slightly to $ 33,000.

Source: CryptoPotato

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