According to Cointelegraph: Bitcoin manages to maintain its ground as it experiences price fluctuations and escapes forming new lower lows, while altcoins seem to take a hit, increasing traders' interest in potential short-selling opportunities.
On October 10, as the traditional market trading began, de-risking seemed to be influencing the Bitcoin movements. As depicted by data from Cointelegraph Markets Pro and TradingView, Bitcoin price stability was seen making a return before Wall Street commenced trading.
The week set off on a shaky note as Bitcoin's price reached $27,300, then managed to recoup and traded around $27,700 when this report was written.
Skew, a prominent trader, highlighted the market's widespread de-risking leading to prices within the $27.4K-$27.3K range, and pointed out the significant area that needed to be watched since losing it could lead to prices retreating to the 1W demand mark.
Hoping that day would see buyers gaining control for a better price move upwards, Skew mentioned derivatives traders seemed to be directing the price route for the time.
Meanwhile, there has been a general sense of optimism, especially from Michaël van de Poppe, the MN Trading CEO and founder. He described altcoins facing a sell pressure 'hammer' while Bitcoin managed to keep its stand, and suggested a potential Bitcoin rally towards the $35,000-40,000 hive if it could surpass the $28,000 level.
Bitcoin's market cap share was on a rise against altcoins, reaching 51.35% on Oct. 9, the highest since mid-July. Altcoins were facing the heat of the chilly crypto sentiment as market participants, like Crypto Tony, flagged up signs of them breaking major supportive zones and giving way to delectable short entry opportunities.
Furthermore, Crypto Tony pinpointed the $27,200 level for Bitcoin, which needs to hold to avoid short-selling repercussions.
