30s Summary

Bitcoin has been struggling to maintain a $62,000 value as October saw a lack of support from Coinbase traders. Market activity by day traders and bears has exerted downward pressure on Bitcoin’s rate. The latest 10% drop is seen by Bitfinex as a positive correction, suggesting future price drops won’t be as sharp. Other cryptocurrencies are experiencing varied dynamics, with mixed progress observed in Ether, Binance Coin, Solana, XRP, Dogecoin, Toncoin, Cardano, Avalanche, and Shiba Inu. It is advised to conduct individual research before investing in digital assets.

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So, Bitcoin is struggling to get comfy at that $62,000 mark we’ve all been watching. It just can’t seem to stay put there, hinting that once Bitcoin gets up there it doesn’t have the support of its fans. This October, Coinbase traders haven’t been showing Bitcoin much love, which ain’t helping.

When that price can’t muscle its way past resistance, there’s a bunch of day traders who made some bucks who get cold feet and close their positions. Then the bears, always up for a fight, start taking short-term positions ’cause they know they can bail above the resistance line. This weighs pretty heavy on Bitcoin, pulling its price down.

But the folks over at Bitfinex reckon the damage is already done. They saw Bitcoin’s 10% drop last week and think it was a good thing, allowing for a recalibration as the open interest dropped from $35 billion to a way more stable $31.8 billion. They say this means they can expect fewer steep price drops up ahead.

As for other cryptocurrencies, the top 10 are a mixed bag. Ether is having some trouble gaining consistently higher prices. Binance Coin is on its way up to the $635 resistance line, but we’re expecting a strong challenge from the bears there. Elsewhere, Solana is holding onto the 50-day average and XRP is finding it tough to recover from recent plunges.

Dogecoin is trying to build up some momentum while Toncoin has so far been fending off any bearish comeback attempts. Confidence in Cardano is somewhat frail right now, and Avalanche is on tenterhooks waiting for any direction in its next move. Finally, Shiba Inu is hanging onto the 20-day average, but we’re not seeing any decisive recovery just yet.

As always, remember to do your own research before investing. Crypto-trading is a rough ride and involves a lot of risks, so always be mindful and make wise decisions.

Source: Cointelegraph