Bitcoin Price Plummets to $78,750 Amid Market Turmoil
- Psychological Barrier Breach: Bitcoin's price has fallen below the psychological threshold of $80,000, currently trading at $78,750, indicating a significant loss of market confidence that may lead to panic selling among investors.
- Fed Policy Impact: The nomination of hawkish Kevin Warsh by Trump as Fed Chair has drastically reduced market expectations for interest rate cuts this year, triggering a sharp decline in Bitcoin and other risk assets, which affects investor risk appetite.
- Market Liquidation Pressure: A massive liquidation event on Binance on October 10 is considered a primary factor behind the current price pullback, with the scale of these liquidations reportedly exceeding that of the FTX crash, further exacerbating market instability.
- Rising Geopolitical Risks: Trump's demands for Greenland, control over the Panama Canal, and the opening of Venezuela to American oil companies, along with other geopolitical tensions, have increased market uncertainty, further pressuring Bitcoin and altcoin prices.
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Technical Analysis for ALT
Technical Sentiment Analysis for Altlayer (ALT) As of , Altlayer (ALT) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ALT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ALT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Altlayer (ALT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00307 | 0.00498 | 0.00692 | 0.00883 | 0.0108 | 0.0127 | 0.0146 |
| Fibonacci | 0.00498 | 0.00645 | 0.00736 | 0.00883 | 0.0103 | 0.0112 | 0.0127 |
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