Bitcoin price stabilizes as legacy market trading begins
Bitcoin (BTC) maintained its upward momentum on October 10, as the start of trading in traditional markets prompted a "de-risking" trend. BTC price stability returned ahead of the Wall Street open, with the cryptocurrency trading near $27,700. The week had started with Bitcoin bulls losing ground, as BTC/USD dropped to $27,300 before rebounding.
Altcoins suffer from sell pressure while Bitcoin holds support
Altcoins faced significant selling pressure as Bitcoin managed to hold its support level. According to Michaël van de Poppe, founder and CEO of trading firm MN Trading, if Bitcoin can surpass $28,000, the potential for a rally to $35,000-40,000 becomes more likely. The dominance of Bitcoin in the overall crypto market cap hit 51.35%, the highest level since mid-July.
Altcoins on the verge of breaking major support zones, says popular trader
Crypto Tony, a well-known trader, highlighted that many altcoins are on the verge of breaking major support levels, presenting short trading opportunities. He cautioned that Bitcoin needs to maintain the $27,200 level to avoid a downward trend.
Note: This article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making financial decisions.
