Bitcoin’s Battle to Hold Ground
On September 24, Bitcoin (BTC) faced a rough patch, slipping below the $9,700 mark as bearish sentiments continued to dominate the market. After dropping to a low of $9,630, Bitcoin clawed its way up to around $9,750, but the overall vibe was anything but jubilant.
With the loss of 2.6% over the weekend, investors were left scratching their heads—where did the bullish spark go? It appears that September has not been kind to Bitcoin, which saw its high for the month hover around $10,900, while quarterly losses steeped to a melancholy 23%.
What Traders Are Watching
If you’re in the trading game, then you’ll want to take notes from keen analyst Cryptö Michaël. He suggests that the next key zone to keep an eye on sits just below the current levels. If this support crackles at around $7,500, investors may want to grab their life jackets! As Michaël wisely put it, “Staying above -> nothing to worry. I’d rather catch the big wave.” Wise words indeed—except for the part about needing a life jacket.
Factors Fueling the Downturn
The reasons behind Bitcoin’s current struggle are as varied as the toppings on a pizza. It seems that the highly anticipated launch of Bakkt’s Bitcoin futures didn’t quite spark the fireworks many expected. On top of that, a staggering 50% of open interest in Bitcoin options is scheduled to expire on September 27. Historically, these expiration points have acted like a giant anvil on Bitcoin’s price, creating a sinking feeling among investors.
Altcoins Taking a Hit
But hold the phone—Bitcoin isn’t the only one facing a downturn. The altcoin market has seen a slightly darker side as well. In the battle for hearts and wallets, Litecoin (LTC) has taken the lead in losses, plummeting by 8.7%. Stellar (XLM) wasn’t far behind, suffering a loss of 6.3%. And our old friend Ether (ETH) dipped back below the $200 threshold, joining the party with nearly 6% losses.
The Bigger Picture
As noted by Twitter analyst PlanB, the altcoin scene appears to be finding its footing back in the shadow of Bitcoin. “While #bitcoin oscillated last 5 months around ATH level of $10k (only Dec 2017 was higher!), the altcoin narrative is losing its luster rapidly,” he tweeted. Can someone hand these altcoins a map? It seems they’re lost on their way to supremacy!
At the moment, the overall cryptocurrency market cap is tolling in at around $256 billion, with Bitcoin commanding a solid 68.5% of that pie. The question remains: how many slices are left for the altcoins?
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