Bitcoin Today: //: BTC cheers the market, but price falls

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6 days ago

September 30, 2024

Stephen Douglas

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Bitcoin Today: 09/30/2024: BTC cheers the market, but price falls again
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With an increase of 3.3% last week, Bitcoin approached US$67,000 and aroused enormous euphoria among investors. According to CoinGecko, the cryptocurrency reached US$66,200 over the weekend, well above the US$65,200 support indicated by traders.

This movement made many think that BTC would continue its strong rise this Monday (30). However, in the last 24 hours the price of the cryptocurrency fell sharply, losing support at US$65,200. At the time of writing, Bitcoin is down 3%, worth US$63,557.

Such a drop has cast doubt on the strength of this upward movement and whether BTC will be able to reach new highs this week. However, September’s appreciation remains above 7%, which is already the highest for the month in history.

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On the positive side, the biggest highlight was memecoins, which dominated four of the five biggest valuations of the week in the Top 100. The leader was Dogwifhat (WIF), whose price increased by 37%, followed by BONK with an increase of 35%. % and PEPE, with 32%.

Israel ousts Hezbollah leader – and Bitcoin

In addition to cryptocurrencies, the traditional market also suffered losses. In Japan, the Nikkei 225 index fell almost 5% at the end of Monday’s trading session. On the other hand, S&P 500 and Nasdaq futures in the US indicate drops of 0.13% and 0.53%, respectively.

Although buyers have tried to keep Bitcoin’s price above $65,000 levels, the drop in the Japanese market has put some selling pressure on the asset. As a result, BTC once again showed a correlation with stock market indices, although it fell less than the Nikkei.

On the Japanese side, the drop in the stock market was due to geopolitical factors, especially Israel’s action against the terrorist group Hezbollah. At the weekend, Israeli actions killed Hassan Nasrallah, who led Hezbollah for more than 30 years, and other leaders.

These actions increased market uncertainty and fears that the conflict in the Middle East could take on greater proportions. Therefore, risk assets showed a strong drop in the last 24 hours.

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Industry Players' Response Regarding the Negative Stigma Attached to Crypto

According to analytics firm Santiment, social sentiment has skyrocketed. Therefore, investors may need to wait a while to see a new all-time high. The data shows that there are currently 1.8 bullish posts for BTC for every bearish post, but this is not a positive indicator.

“Markets have historically always moved in the opposite direction to the crowd’s expectations,” noted Santiment.

Bitcoin Today: 09/30/2024: BTC cheers the market, but price falls again

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Bitcoin Today: 09/30/2024: BTC cheers the market, but price falls again