Market pundits have been closely eyeing Bitcoin’s recent vulnerability. As the Consumer Price Index (CPI) announcement looms, the leading cryptocurrency has often shown sensitivity to such economic indicators. Notably, this period typically sees a dip in Bitcoin’s value leading up to the data’s release.
The latest market signals suggest that the crypto giant might be targeting the $26,800 mark, especially after losing a significant support level. Many traders are strategically positioning bids around this point, anticipating a potential higher low (HL) formation as tweeted by Michaël van de Poppe, the CEO and Founder of MN Trading.
#Bitcoin acting weak.
— Michaël van de Poppe (@CryptoMichNL) October 11, 2023
Why?
Well, CPI comes around and that's usually a moment where we'll be finding some weakness prior to the data point.
Preferably, as we lost a support level, I think we'd be dropping towards $26,800 area.
Placing some bids there in case of HL. pic.twitter.com/sjH8hFdyiO
The latest insights from market analytics platform CryptoRank depict a challenging phase for cryptocurrencies. Leading the pack, Bitcoin has experienced a notable dip, settling at the $27K mark. This downtrend isn’t isolated to Bitcoin; prominent names within the top-10 cryptos, such as XRP, ADA, and ETH, have recorded significant declines of 3.12%, 2.5%, and 2.26% respectively.
📈Market Overview#Bitcoin price trades dropped to $27K. The top-10 cryptos are traded in red zone:$XRP -3.12%$ADA -2.5%$ETH -2.26%
— CryptoRank Platform (@CryptoRank_io) October 11, 2023
Market capitalization: $1.17T (-1.79%)
The #BTC dominance: 45.23% (-0.48%)
Fear & Greed Index: 47 (Neutral) pic.twitter.com/2LL9NWNjq4
In broader terms, these individual setbacks have influenced the total market worth. The cumulative cryptocurrency market cap has contracted by 1.79%, now standing at $1.17 trillion. Interestingly, while Bitcoin remains a dominant force in the sector, its market grip has slightly loosened, with its share reducing by 0.48%, bringing its total dominance to 45.23%.
At the heart of investor sentiment lies the Fear & Greed Index, which currently resides in the neutral territory with a score of 47. This suggests an atmosphere of indecision and mixed feelings among market participants.
This uncertain market ambiance can be attributed to a blend of factors. One of the glaring catalysts is the ongoing Israel-Hamas conflict, stirring global concerns. Additionally, the anticipation of vital economic indicators, like the US Producer Price Index, has added to the market’s volatility.
A closer look at individual coin performances reveals Ethereum’s price dropping to $1,560.53, marking a 1.73% dip. XRP too felt the heat with its value diminishing by 1.70% to $0.4907. Cardano, another key player, observed its price sliding by 2.24% to $0.2471.
Collectively, these factors have led to a 1.52% shrinkage in the global crypto market cap over the last day, settling at $1.06 trillion. Given the present dynamics, stemming from geopolitical events and impending economic data, the future course for the crypto market hangs in the balance, making the next few days crucial for investors and market watchers alike.
