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The price of Bitcoin 
$103,176 has seen significant volatility throughout October; however, it managed to maintain a relative calm over the past weekend. The alleviated tensions between China and other countries have curbed the sell-off in cryptocurrencies. As a result, what is the current status of the crypto market today, and what are the expectations for altcoins and Bitcoin?
Bitcoin (BTC)
Following massive liquidations worth billions of dollars, Bitcoin hovered around the $107,000 mark. In our Friday assessment, we anticipated a largely sidewards and upward movement over the weekend due to constructive announcements from the US regarding China and negotiation disclosures. As expected, altcoins experienced a slight recovery while Bitcoin mostly moved sideways.
BTC managed to reduce its weekly losses to 4%, and its stability above $105,000 disappointed bears who were eyeing a retest of the $98,000 support level. If risk appetite increases, closing above $110,700 could target levels of $113,750 and $117,570.
Reaching $117,000 would pave the way for quick rebounds in oversold altcoins after a prolonged downtrend. The sudden drop and the subsequent test of $115,000 on October 12 caught investors off guard. For now, the region that was maintained as support in June remains intact, which is promising. As the new week approaches, expectations might help strengthen prior to the CME opening.
Current State of Cryptocurrencies
Altcoins, which we have grown accustomed to seeing in red for days, are turning green again. DOGE, XRP, SOL, ETH, and LINK are continuing with over 1% daily gains. The top performers in the last 24 hours, among the largest 100 cryptocurrencies, were MYX and PUMP, recording increases of 16.7% and 8.5% respectively.
On a weekly basis, the leading trio TAO, ENA, and MORPHO showed increases between 14% and 34%. The total market capitalization of cryptocurrencies is just below $3.65 trillion, with the average RSI recovering to the 43.1 level. While the fear and greed index still indicates fear at 27, a potential agreement with China could activate the charts poised for larger peaks.
