Bitcoin
During the week from October 4 to October 11, Bitcoin fell in price by more than 2% – instead of running to $ 70,000, it is trading around $ 60,000 Meanwhile, on the table -weekly time, the first cryptocurrency fell below $59,000.
Source: tradingview.com
One of the main reasons for the decline in BTC was data on the consumer price index in the United States. Thus, the figure increased by 0.2%, which is slightly higher than the expected 0.1%. The main reason for this dynamic was the increase in food prices. Also adding to the negativity was an increase in the number of applications for unemployment benefits to 258,000. This is the biggest jump in the number for the year. Hurricanes Helen and Milton were the main cause.
In addition, there is negative sentiment among US institutional investors. This is reflected in the decline in the Coinbase (NASDAQ:) Premium Index. When the index enters the negative area, this shows that institutional investors are willing to sell. The Coinbase Premium index has now reached $41, indicating strong selling pressure.
Another reason for the decline could be the benefit to investors. In just one day on October 8, $5.64 billion worth of bitcoins were sold Naturally, such actions lead to a decrease in the price of BTC.
However, crypto enthusiasts have no reason to panic. Glassnode analysts believe that the correction in the crypto market is very consistent with previous bullish growth cycles. In addition, local price reductions this year are very small. Also among the bullish indicators, it can be noted that the number of BTC on the balance of crypto exchanges is close to the historical minimum – 2.34 million This indicates that private investors do not want to trade Bitcoin, but they prefer to collect.
Source: coinglass.com
From a technical analysis perspective, sellers are currently in control. This is confirmed by indicators: the price has fallen below the 50-day moving average (highlighted in blue), the RSI is also declining. Support and resistance levels: $58,867 and $64,444 respectively.
Source: tradingview.com
The fear and greed index fell nine points compared to last week. The current value is 32. Therefore, fear still dominates greed in the emotions of crypto investors.
Ethereum
Unlike Bitcoin, the price of ether almost did not change from October 4 to October 11 – the second largest digital currency by capitalization is still trading around $ 2,400 And although the level of ETH rose above $ 2,500 on October 7, this did not lead to further growth.
Source: tradingview.com
The almost zero dynamics of the airwaves were accompanied by several news. Therefore, the cryptocurrency exchange Binance pointed out in its monthly report for October to unprecedented inflation in the second largest cryptocurrency by capitalization. In September it reached 0.74%, which was not seen for two years. The reasons for this were market sentiment, the increasing popularity of second level (L2) solutions, as well as a reduction in fees, network activity and ETH burn rates.
In addition, network developers began to talk about a new update – EIP-7781. It includes several tactics at the same time. The main one is to reduce the slot time (the time in which blocks are offered) from 12 to 8 seconds, which could lead to a 33% increase in throughput. Also, according to the developers, the number of blocks will be increased to reduce transactions in second level networks, and the efficiency of decentralized exchanges (DEX) will increase.
Interestingly, on October 8, the Lookonchain analytics platform recorded an extremely high rate in one of the transactions – the transfer fee exceeded 288 ETH, which is equivalent to almost $700,000. The most interesting thing is that it was nothing to do with it.
From the point of view of technical analysis, Ethereum continues to trade for the third month in a wide range between the levels of support ($2,112) and resistance ($2,811). At the same time, the fact that the price has fallen below the 50-day moving average shows the prevalence of sellers over buyers. It is worth noting that the ATR indicator has decreased to 98.1 – this is the lowest value since February 2024, which indicates the least stability of ether.
Source: tradingview.com
Sit
Sui rate increased by 5% in the period between October 4th and October 11th. On Monday, October 7, the price of the digital currency on many exchanges came close to the historical high, and on Bitstamp it even set a new benchmark for investors – $ 2.27.
Source: tradingview.com
Sui’s growth is fueled by continuously improving performance. For example, over the past week, the cryptocurrency entered the top 3 networks in terms of net capital inflow – $ 13.9 million and on October 10, Sui became the leader of the token this with $7.8 million.
Source: artemis.xyz
Source: artemis.xyz
Another positive news for the Sui community was cryptocurrency support by the Bybit exchange pool – Launchpool. Coin staking is now available there, which was a positive step for both the cryptocurrency and the exchange. Bybit will be able to increase liquidity and transparency through integration, and Sui will expand its presence in the DeFi sector.
From the perspective of Sui’s technical analysis, everything is for the bulls. In early October, a golden cross was formed even when the 50-day moving average (in blue) crossed the 200-day moving average (in orange). However, with assets that have increased in price significantly, you should always be cautious, as the likelihood of a correction increases with each subsequent increase. Further growth should be expected if the resistance level of $2.27 is broken. If the price falls below the support level of $1.6, selling will begin.
Source: tradingview.com
Decision
Therefore, the first week of October was very calm for the crypto market. Bitcoin and Ethereum prices were little changed, but Sui continued to rise thanks to better network performance and a new integration with Bybit. But the three digital currencies showed special records: the balance of BTC on crypto exchanges reached its lowest level, and the inflation price of Sui and ETH was at its highest level.
This material and the information contained herein do not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of analytical portals and experts.
2024-10-11 20:35:00
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