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First Mover Americas: Once-Bouncing Bitcoin Now Just Rolls Like Ball

The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 11, 2022. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.Read MoreCoinDesk

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Bitcoin (BTC) and ether (ETH) both started the day trading down on Tuesday, with traditional markets still in the lurch.

The CoinDesk Market Index slipped 0.7% over the past 24 hours. Bitcoin lost 1.5%, hovering just above the $19,000 mark, and ether fell 2.3%. Stock futures fell and bonds sold off. European shares declined for a fifth straight day.

Altcoins took a larger hit, with Ethereum Classic (ETC) down 8.5%, NEAR protocol down by 8% and XRP by 6%.

Crypto funds saw outflows totalling $5 million last week, fueled by sizable redemption from “short” investment products, or those designed to profit from price declines, according to data from CoinShares.

Bitcoin witnessed a fourth consecutive week of inflows totaling $12 million, while short-bitcoin investment products saw outlaws totaling a record $15 million.

Biggest Gainers

Asset
Ticker
Returns
DACS Sector
Injective

INJ

+7.43%

DeFi
Ribbon Finance

RBN

+4.36%

DeFi
Celsius

CEL

+4.09%

Currency

Biggest Losers

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.

Bitcoin Bouncing Ball

Bitcoin’s price structure looks similar to 2018. (TradingView)

By Omkar Godbole

Bitcoin’s price structure resembles the path of a dropped ball that bounced off the floor.

The ball is losing energy with every bounce from price support (around $18K) and could soon fizzle into a flat forward roll.

The longer the flat forward roll continues, the bigger the risk of gravity eventually taking a toll as it did in November 2018.

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