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Bitcoin Stabilizes at $27.5K: Crypto Bulls Grapple with $100M Liquidations amid Altcoin Decline

Oct 11, 2023 at 10:33 am

The ongoing geopolitical tensions in the Middle East had a noticeable impact on the values of more volatile assets, particularly bitcoin, on Monday.

The continued conflict between Hamas and Israel, coupled with a substantial sale of ether (ETH) by the Ethereum Foundation, exerted significant pressure on the broader cryptocurrency markets. This resulted in bulls witnessing the disappearance of over $100 million in futures positions, leading to an average market downturn of 2%.

Bitcoin (BTC) displayed a relatively steady performance compared to other tokens, with a modest 1% decrease over the last 24 hours. It held its ground above a crucial support level of $27,500 during the Asian morning hours on Tuesday. Traders have their attention focused on more speculative assets like technology stocks and bitcoin, especially given the surging oil prices.

Analysts at the trading firm FxPro conveyed to Bitsday their close observation of whether bitcoin would surpass the $28,000 level before adopting a bullish stance.

"From a technical standpoint, bitcoin is still on an upward trajectory but encountered resistance at its 200-day moving average over the weekend," the analysts explained. "All eyes will be on BTCUSD to see if it can successfully consolidate above $28,000, the 200-day moving average. If it manages to do so, we can anticipate a rapid ascent to as high as $29,500."

Meanwhile, ether experienced a 3% dip as the Ethereum Foundation executed a sale of tokens worth $2.7 million on Monday, which raised concerns among traders. This development had a bearing on the ETH futures markets, with ether bulls incurring losses exceeding $30 million, marking the highest among all crypto traders, on Monday.

In other areas, Solana’s SOL tokens recorded an almost 5% decline, XRP witnessed a 3.7% drop, and Cardano’s ADA fell by 3.4%. The Bitsday Market Index (BMI), an extensive indicator of crypto markets tracking hundreds of tokens, registered a 1.9% decline, indicating overall losses for traders.

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