Bitcoin dominance hits 3-month high as ‘hammered’ altcoins risk dive

Bitcoin (BTC) ground higher on Oct. 10 after the start of legacy market trading saw “de-risking” take over.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin’s price preserves weekly support

Data from Cointelegraph Markets Pro and TradingView showed BTC price stability returning ahead of the Wall Street open.

Bitcoin bulls had lost their footing as the week began, with BTC/USD heading to $27,300 before reversing to trade near $27,700 at the time of writing.

“Overall there’s been a lot of market de-risking into $27.4K—$27.3K,” popular trader Skew wrote in part of X analysis at the time.

“Important area now because losing that level would take prices back to 1W demand. More importantly, around here into tomorrow buyers need to establish price control for a move higher.”

Continuing on the day, Skew noted that derivatives traders controlled trajectory for the time being.

“Better to see what spot market wants later,” he advised.

$BTC
as you can see price is very much correlated to perp involvement

~ positions chasing the market

Better to see what spot market wants later https://t.co/VH46ZsLRbO pic.twitter.com/S3GScvPDtc

— Skew Δ (@52kskew) October 10, 2023

Some market participants were broadly optimistic, among them Michaël van de Poppe, founder and CEO of trading firm MN Trading.

In his latest X post, van de Poppe described altcoins as being “hammered” by sell pressure, while Bitcoin held support.

“If Bitcoin is able to break back above $28,000, the thesis to $35,000–40,000 might become real,” he argued.

A previous post predicted that “most likely the path towards $30K is going to start from here,” with an accompanying chart showing relevant resistance levels.

BTC/USD annotated chart. Source: Michaël van de Poppe/X