CoinDesk 20 Bitcoin Price Index

As bitcoin struggles to hold the $10,700 price range Uniswap’s September volume set records but appears to be declining.

  • Bitcoin (BTC) trading around $10,757 as of 20:00 UTC (4 p.m. ET). Slipping 1% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $10,621-$10,924
  • BTC above its 10-day moving average but below the 50-day, a sideways signal for market technicians.

Bitcoin’s price dropped a couple of hundred dollars as a spate of selling took the world’s oldest cryptocurrency to as low as $10,621 on spot exchanges such as Coinbase, recovering to $10,757 as of press time. 

Katie Stockton, analyst for Fairlead Strategies, says cryptocurrencies like bitcoin are affected by traditional markets, particularly equities, which are considered “risk-off” or liquid assets that can easily be sold during a market slide. 

Related: Bitcoin May Return to Center Stage After Ethereum’s White-Hot Summer

“Bitcoin has been attuned to the day-to-day moves in risk assets, but the end result of the intraday volatility is a consolidation phase on the chart,” said Stockton. “Short-term momentum has improved with equities, so I expect the consolidation to give way to a move that leaves support near $10,000 intact.” 

Global equities markets are weak today, either flat or down:

Michael Gord, chief executive officer of crypto trading firm Global Digital Assets, senses a bearish mood for the crypto markets. “Bitcoin might get over $11,000 for a short period this week, but with a big exchange like KuCoin being hacked over the weekend I expect this week to have a more bearish sentiment with retail investors,” said Gord. “Institutional investors, on the other hand, might be taking this buying opportunity to buy cheaper bitcoin.” 

Read More: KuCoin Maintains Wallet Freeze as Hackers Begin Laundering Stolen Crypto

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Several stakeholders in the crypto