- Cryptocurrency Market Witnessing Bearish Price Movement Regardless Of Bitcoin ETF Rejection
- What’s Next For Top Coins?
The cryptocurrency markets are experiencing a slight hitch as major coins are witnessing price decline. Top currency Bitcoin is trapped in the $8,500 zone while altcoins are experiencing a slightly bearish market price. Other major coins such as Bitcoin Cash (BCH), Cardano (ADA), Litecoin (LTC), EOS (EOS), are all down by over 3%. In the meantime, Chainlink has sprung to the 13th spot, the coin also witnessed a major decline of 7.63%, and its token is currently trading at $2, 53.
At the time of writing, Bitcoin had a little surge at $8,531, an increase by a little 0.16% over the last 24 hours. Though the coin that began the decline as not showed any sign of improvement after Bitwise’s ETF proposal got vetoed by the SEC. It seems that traders and investors already foresee the rejection and had put in effort in the trading price.
What’s Next For Top Coins?
Cryptocurrency trader, Luke Martins stated in a tweet that Bitcoin could decline back to the $8,300 – $8,400 zone could be “an attractive buying opportunity.” He tweeted, “I think a pullback to the 8300-8430 zone would be an attractive dip area for buying. Would you buy that dip or do you think we find new lows?”
Nonetheless, Josh Rager, another prominent trader believes the bulls will not give up the $8,500 level effortlessly, advising traders to watch the order book. He tweeted, “$BTC – watch the order book. Lots of orders stacked below current price compared to sellers overhead for spot price Bitcoin. Meaning this area is currently being protected at $8500 – but things can always change”.
Looking at the performance of other Altcoin, Ripple’s XRP and Ethereum’s Ether are not doing well also. Although of recent the XRP trading price was bullish not until October 10th when the trading price experienced an unexpected backslide. Galaxy, a major crypto trader noted that the price drop in XRP was the token retesting the resistance level. Galaxy tweeted, “$XRP taking a small break and retesting the breakout level. Bullish as long as 3000 holds and will increase position after a daily close above support.” Previously, he predicted that XRP has the potential to increase up to 4,600% after establishing a bullish MACD boundary.
Bitcoin (BTC) Price Today – BTC / USD
Ethereum (ETH) is also not left out of the price decline, ETH decline with a little 0.50%. The trading price did not respond to the CFTC possibly accepting Ethereum products, which in turn would permit exchanges like Bakkt and CME Group to propose ETH-based Bitcoin futures. Brain Kelly, a crypto investor, and CNBC contributor tweeted that “VERY big news, CFTC Chairman Confirms Ether Cryptocurrency Is a Commodity.”