On October 9, 2022, when we are getting ready to leave one more week behind. bitcoin There is a decline in the cryptocurrency market, especially in the crypto money market. The continuation of the downward trend may result in a major bearish scenario for altcoins.
Prior to the US jobs report released, Bitcoin was hovering around the $20,000 support level, but dropped to $19,336 a few hours later. The bulls managed to pull the price back to $19,499 as of the time of writing.
on TradingView chainslab According to analytics, the most anticipated event for the past four months has been the developments on The Merge and Ethereum front. Investors EthereumBTC.D (Bitcoin dominance) slipped to support.
Will Altcoin Market Crash?
The BTC parity of altcoins has started to lose strength and momentum recently, but a rise in Bitcoin price may increase the strength of altcoins.
Koinfinans.com As we have reported, looking at the broad picture, altcoin rallies do not tend to occur in the last quarter. The macro outlook is also hurting tech startups globally, making it harder for altcoins to make another major rally.
Naturally, the market outlook is quite complex, although there are other cryptocurrencies with solid gains or 5-10% price gains. However, BTC.D is expected to reach 48% and it should be remembered that $BTC dominates the market as a whole.
Despite all the volatility and turmoil the cryptocurrency market has recorded in the past two months, Bitcoin has mostly moved close to its 200-week moving average (MA), which has traditionally been a viable buying opportunity.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.