As bitcoin struggles to hold the $10,700 price range UniswapÃ¢ÂÂs 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.
- BitcoinÃ¢ÂÂs 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.
BitcoinÃ¢ÂÂs price dropped a couple of hundred dollars as a spate of selling took the worldÃ¢ÂÂs oldest cryptocurrency to as low as $10,621 on spot exchanges such as Coinbase, recovering to $10,757 as of press time.ÃÂ
Katie Stockton, analyst for Fairlead Strategies, says cryptocurrencies like bitcoin are affected by traditional markets, particularly equities, which are considered Ã¢ÂÂrisk-offÃ¢ÂÂ or liquid assets that can easily be sold during a market slide.ÃÂ
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Ã¢ÂÂBitcoin 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,Ã¢ÂÂ said Stockton. Ã¢ÂÂShort-term momentum has improved with equities, so I expect the consolidation to give way to a move that leaves support near $10,000 intact.Ã¢ÂÂÃÂ
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. Ã¢ÂÂBitcoin 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,Ã¢ÂÂ said Gord. Ã¢ÂÂInstitutional investors, on the other hand, might be taking this buying opportunity to buy cheaper bitcoin.Ã¢ÂÂÃÂ
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Several stakeholders in the crypto