Categories: Bitcoin Latest News

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

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Recent Posts

Bitcoin LTHs Start Distributing: CDD Ratio Hits Historic Levels

Bitcoin has remained trapped in a tight range between $115K and $120K for the past…

2 hours ago

Bitcoin Approaches Structural Ceiling, Analyst Warns Of Power Law Resistance

As Bitcoin continues its upward momentum, technical analysts are pointing to the long-observed Power Law…

3 hours ago

Tether Investments Extend Beyond Bitcoin Amid Record Profits — Details

Tether, the issuer of the world’s largest stablecoin USDT, has disclosed a portion of its…

3 hours ago

What Does Scaling Bitcoin Mean? What Are We Scaling?

Bitcoin Magazine What Does Scaling Bitcoin Mean? What Are We Scaling? Bitcoin has a scaling…

3 hours ago

How Bitcoin Treasury Companies Can Defend mNAV in a Global Liquidity Crunch

Bitcoin Magazine How Bitcoin Treasury Companies Can Defend mNAV in a Global Liquidity Crunch In…

4 hours ago

Galaxy Digital CEO Mike Novogratz Predicts Bitcoin To Hit $150,000

Bitcoin Magazine Galaxy Digital CEO Mike Novogratz Predicts Bitcoin To Hit $150,000  Galaxy Digital CEO…

4 hours ago