The price of Bitcoin (BTC) re-traded on the side on
October 14 after a sudden fall on Sunday night, which caused markets to lose 2%
in minutes.
Bitcoin recovers lost ground
Coin360 data showed that the largest cryptocurrency
fluctuated around USD 8,300 at the time of this edition, having recovered some
of the land lost during the recession.
The BTC / USD spent much of the weekend working
upwards, reaching local highs of USD 8,460 before drastically retreating to
bottom, to USD 8,200 later.
Since then, there has been a slow recovery, which has
meant 50% of the losses.
The behavior mimics multiple occasions in recent weeks
and months, during which Bitcoin scored periods of flat activity with sudden
volatility, either up or down.
Various theories blame traders and institutional
investor agreements for erratic behavior. This time, analysts told
Cointelegraph, it is likely that combined sales were produced by major exchange
owners, which triggered the momentary market downturn.
For filbfilb, the usual Cointelegraph contributor,
Bitcoin's short-term performance revolves around whether support above USD
7,800 remains. The rise in the weekend failed when it met the 200-day Bitcoin
moving average.
"If this really is bullish, I don't want us to
lose the minimum of this fuse last night," he told subscribers of his
Telegram channel dedicated to trading about Sunday's fall.
Collaborator Michaël van der Poppe had similar
feelings. For him, an area close to USD 7,400 was still crucial.b “It's
generally not the worst,” he summarized on Twitter.
The altcoins see a glimmer of promise
For altcoins investors, the outlook was very different
from that of Bitcoin, as many assets made modest gains overnight.
Ether (ETH), the largest altcoin by market
capitalization, started the week with a 0.8% rise to just over USD 183.
Others get a higher return, with a 4.3% increase in
XRP, up to USD 0.29, and Binance Coin (BNB) earns 3% to exceed USD 18 per
token.
In contrast, Bitcoin SV (BSV) fell 3.5% to USD 86
during the same period. The global cryptocurrency market limit was USD 226.1
billion at the time of this edition, with a Bitcoin share of 66.4%.
SOURCE: Cointelegraph
