Crypto Price Today: The cryptocurrency market witnessed a mixed performance on October 9, 2024. Several digital assets, including Bitcoin (BTC) and Ethereum (ETH), showed fluctuations due to market news and technical indicators. This article dives deep into the key movements and technical aspects that influenced the market, analyzing the charts and the broader news affecting cryptocurrencies.
Bitcoin (BTC) on the Binance exchange, paired with Tether (USDT), is trading at $62,394.08. The BTC chart indicates similar behavior to ETH, with Bollinger Bands providing a clear view of the trading range. The upper band stands at $62,510.66, and the lower band is at $62,025.11. BTC has struggled to break through resistance at $64,478.19, with strong support forming around $61,750.
The chart patterns reveal a double top formation around $64,478.19, suggesting bearish sentiment. However, the support at $61,750 indicates that bulls are still defending the price. The 20-period SMA at $62,267.89 serves as a dynamic support, and the price is trading slightly above this average.
Volume analysis shows a slight uptick, indicating renewed interest around current price levels. BTC's RSI is approaching overbought territory, hinting at a potential correction if buying pressure diminishes. Traders should watch for a break above $64,500 for bullish confirmation or a drop below $61,750 for bearish momentum.
The Ethereum (ETH) price on the Binance exchange, paired with Tether (USDT), is currently trading at $2,443.25. The chart indicates that ETH is experiencing moderate price swings within the Bollinger Bands, marked by resistance and support levels. The upper Bollinger Band is around $2,461.39, while the lower band is at $2,429.98. The Bollinger Bands indicate a phase of low volatility, with the current price hovering close to the 20-period simple moving average (SMA) of $2,445.68.
ETH has encountered resistance at $2,521.00 and support at $2,390.05. Despite attempts to break above resistance levels, Ethereum has shown a tendency to consolidate within a range. This suggests a lack of momentum in either direction. The bearish candle formations indicate potential selling pressure, but the price remains supported around $2,420, suggesting buyers are defending lower levels.
Volume data shows decreasing participation, which aligns with the consolidation phase. The Relative Strength Index (RSI) remains neutral, reflecting the indecision in the market. This range-bound behavior could persist unless a catalyst drives a breakout.
On Tuesday, reports circulated that the US government received approval to offload 69,000 BTC. FreeSamourai shared the news, stating, “In the never-ending ‘Silk Road’ USG BTC news, Battleborn Investment’s appeal to the Supreme Court will not be heard, and the 69k BTC forfeited by Individual X moves from the seized bucket to the forfeited and sellable bucket.”
The US government currently holds 203,239 BTC, equivalent to $12.69 billion, according to Arkam Intelligence. The decision to sell the seized BTC has raised concerns about potential downward pressure on the market. However, ETF inflows have somewhat mitigated this risk, reported by FX Empire.
The US BTC-spot ETF market saw net inflows of $235.2 million on October 7. Despite these inflows, there were concerns about potential net outflows on October 8. Fidelity’s Wise Origin Bitcoin Fund (FBTC) experienced net outflows of $48.8 million, while the Grayscale Bitcoin Trust (GBTC) reported net outflows of $9.4 million.
Excluding iShares Bitcoin Trust (IBIT) flows, the market registered net outflows of $58.2 million. This outflow trend has sparked fears of selling pressure in the short term. However, September’s overall inflow trends have balanced the supply-demand dynamics.
The Federal Open Market Committee (FOMC) meeting minutes scheduled for today will be closely monitored by investors. The minutes may provide insights into the economic outlook and the Federal Reserve's rate path, impacting BTC’s demand. Additionally, speeches by Fed officials, including Vice Chair John Williams and members Thomas Barkin, Austan Goolsbee, and Philip Jefferson, could shape market sentiment.
1. Polkadot (DOT): DOT has shown a daily loss of -1.60%, trading at $4.11, and a weekly decline of -2.86%.
2. Solana (SOL): SOL is trading at $143.77, down -0.74% for the day and -2.34% for the week.
3. Ripple (XRP): XRP is unchanged at $0.53, but it has faced a significant weekly drop of -11.55%.
4. Shiba Inu (SHIB): SHIB is trading at $0.00001748, down -0.51% for the day, but up by +3.31% for the week.
1. EigenLayer (EIGEN): Up by 8.21%, trading at $3.71.
2. Monero (XMR): Gained 3.60%, trading at $151.79.
3. TRON (TRX): Up by 2.32%, trading at $0.1598.
4. Fantom (FTM): Gained 2.06%, trading at $0.7023.
5. Aptos (APT): Increased by 2.03%, trading at $9.24.
1. FTX Token (FTT): Down by 9.10%, trading at $2.29.
2. Sui (SUI): Dropped 7.16%, trading at $1.95.
3. Conflux (CFX): Down by 6.81%, trading at $0.1762.
4. Worldcoin (WLD): Dropped 6.78%, trading at $1.85.
5. Celestia (TIA): Down by 6.42%, trading at $5.01.
The crypto market on October 9, 2024, reflected a cautious mood as traders await the impact of the US government’s decision to sell seized BTC. The selling pressure from the US government’s holdings and the potential net outflows from BTC-spot ETFs are factors to watch closely.
From a technical perspective, both BTC and ETH are trading within well-defined ranges. Bulls need to push BTC above $64,500 and ETH above $2,521 for a sustained uptrend. Conversely, any break below key support levels could lead to further corrections. Traders should monitor today’s FOMC minutes and Fed speeches for cues on market direction.
Overall, the market sentiment remains mixed, with no clear trend direction. Investors and traders should exercise caution, as short-term fluctuations may continue until a definitive catalyst emerges.
This concludes the detailed analysis of the crypto market on October 9, 2024. Keep an eye on market developments and consider technical indicators before making trading decisions.