Bitcoin Dominance Soars to a 3-Month Peak Amid Concerns of Declining Altcoins

Crypto News– On October 10th, Bitcoin (BTC) showed signs of recovery, rallying from its earlier dip as legacy market trading initiated a “de-risking” phase. Data sourced from Cointelegraph Markets Pro and TradingView illustrated a resurgence in BTC price stability ahead of the Wall Street opening.

Bitcoin Dominance Soars to a 3-Month Peak Amid Concerns of Declining Altcoins

The week had initially seen Bitcoin bulls losing ground, with BTC/USD slipping to $27,300 before staging a rebound to hover around $27,700 at the time of this report.

Skew, a well-known trader, shared insights in their analysis, highlighting a general trend of market de-risking in the $27.4K to $27.3K range. They also noted that, for the time being, derivatives traders were influencing Bitcoin’s trajectory and suggested keeping an eye on the spot market’s sentiment.

Among market participants, there was a fair share of optimism, including Michaël van de Poppe, founder and CEO of trading firm MN Trading. In his recent analysis, van de Poppe described altcoins as under pressure from selling activity while Bitcoin managed to maintain its support.

Van de Poppe also expressed that if Bitcoin could reclaim the $28,000 level, the possibility of reaching $35,000 to $40,000 would gain credibility, aligning with his earlier prediction that the path to $30,000 might commence from the current point, supported by a corresponding chart illustrating relevant resistance levels.

Altcoins Suffer as Crypto Investors Turn Cautious

Bitcoin’s Dominance in Crypto Market Reaches 51.35%, Highest Since Mid-July. Notable trader Crypto Tony Sees Altcoins Testing Key Support Levels, Offering Potential Short Opportunities. For Bitcoin, Crypto Tony Identifies $27,200 as Critical Support Level to Prevent a Bearish Turn.