Bitcoin, Altcoins Rebound As Dip Buyers Supply Volume
The post Bitcoin, Altcoins Rebound As Dip Buyers Supply Volume appeared on BitcoinEthereumNews.com.
Key points: Bitcoin is nearing the support of the large range, indicating that a relief rally is possible in the near term. Several major altcoins are trying to start a relief rally, but they are likely to meet significant resistance from the bears at higher levels. Bitcoin (BTC) reclaimed the $110,000 level, but it remains to be seen whether the bounce is sustainable. Glassnode analysts said in a post on X that long-term holders realized 3.4 million BTC in profit, and exchange-funds inflows slowed down after the Federal Reserve cut rates on Sept. 17, signaling exhaustion and downside risk. According to Farside Investors data, the US spot BTC ETFs have seen net outflows of $479 million this week. That suggests institutional demand is slowing down. BTC’s fall on Thursday pulled the Crypto Fear & Greed Index into the “fear” category on Friday. Crypto market data daily view. Source: Coin360 BTC’s weakness has pulled several major altcoins lower. That suggests a negative sentiment, where traders are dumping their positions in a hurry. A minor ray of hope for the bulls is that BTC has still not broken below the support of the $107,000 to $124,474 range. Could BTC rebound off the $107,000 support with strength, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out. Bitcoin price prediction BTC turned down from the 20-day exponential moving average (EMA) ($113,217) on Thursday, indicating that the sentiment is turning negative. BTC/USDT daily chart. Source: Cointelegraph/TradingView Sellers will have to yank the price below the $107,000 support to complete a double-top pattern. If they manage to do that, the selling could accelerate and the BTC/USDT pair could drop to $100,000. Buyers are expected to defend the $100,000 level with all their might because a break below it clears the…
