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Bitcoin Hovers Over $27.5K, Crypto Bulls Face $100M Liquidations as Altcoins Drop
The ongoing conflict in the Middle East impacted prices of riskier assets, such as bitcoin, on Monday.
Updated Oct 10, 2023, 3:54 p.m. Published Oct 10, 2023, 6:02 a.m.
The ongoing Hamas-Israel conflict and a significant ether sale by the Ethereum Foundation weighed in on broader crypto markets as bulls saw over $100 million in futures positions evaporated and the market slid 2% on average.
Bitcoin showed signs of stability relative to other tokens, losing 1% in the past 24 hours and hovering above a key support level of $27,500 in Asian morning hours Tuesday. Among traders, riskier assets such as technology stocks and bitcoin are in focus amid surging oil prices.
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Analysts at trading firm FxPro told CoinDesk in a note that they were watching for a break of the $28,000 level for bitcoin before turning bullish.
“Technically, bitcoin remains in an uptrend but ran into resistance at its 200-day moving average over the weekend,” the analysts said. “All eyes will be on BTCUSD to see if it can successfully consolidate above $28,000, the 200-day moving average. If it does, we can expect a quick rise to as much as $29,500.”
Elsewhere, ether slumped 3% as the Ethereum Foundation sold $2.7 million worth of the tokens on Monday, sparking concerns among traders. This weighed in on ETH futures markets – with ether bulls losing over $30 million, the highest among all crypto traders, on Monday.
Elsewhere, Solana’s SOL tokens slid nearly 5%, XRP dropped 3.7% and Cardano’s ADA fell 3.4%. The CoinDesk Market Index (CMI), a broad-based indication of crypto markets that tracks hundreds of tokens, fell 1.9% – pointing to overall losses for traders.
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