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Bitcoin, which entered the week under the shadow of geopolitical instability, continues its price decline. Bitcoin, which started the day with an increase, turned downwards again, especially after the opening of Wall Street. The continuation of regional problems being priced in global markets may cause further selling in risky assets like Bitcoin. Investors’ fears and concerns may redirect funds to safer havens.
BTC Price Remains Unstable
Data obtained from TradingView once again highlighted the instability in Bitcoin price today. Bitcoin, which rose to the level of $27,752 during the day, started to lose strength in the last hours and was trading at $27,394 at the time of writing. Popular analyst and investor Skew drew attention to the range between $27,400 and $27,300 in a post he shared on X. The analyst, who said that a daily close above these levels could cause the price to rise, continued his words as follows:
“This is currently an important area because losing this level will take prices back to the weekly closing demand. More importantly, buyers need to establish price control for a higher move here tomorrow. It is better to see what the spot market wants later.”
While many analysts comment on the price of Bitcoin, another popular analyst and founder of MN Trading, Michael van de Poppe, shared his thoughts on X. In his recent post, he noted that Bitcoin found support but altcoins were struggling during this period:
“If Bitcoin can surpass $28,000, the target of $35,000 to $40,000 can become a reality.”
Altcoins Losing Value Against Bitcoin
The situation is not promising for altcoins, as highlighted by analyst Michael van de Poppe. According to the latest data, Bitcoin continues to gain value against altcoins. Accordingly, Bitcoin’s share in the cryptocurrency markets reached 51.35% on October 9th, the highest level since mid-July.
Popular analyst Crypto Tony, on the other hand, discussed the price of Bitcoin in his comments on X. According to the analyst, Bitcoin needs to hold at the $27,200 support level. Otherwise, the decline could accelerate. The analyst also commented on the altcoin market:
“Many altcoins seem to be breaking major support areas, bringing us some attractive short entries.”
