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Crypto traders shift their focus to altcoins while Bitcoin price consolidates

Published 10/09/2022, 02:29 PM
Updated 10/09/2022, 04:00 PM
Crypto traders shift their focus to altcoins while Bitcoin price consolidates
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BTC/USD
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It has been difficult for Bitcoin (BTC) and the cryptocurrency markets to start a strong sustained recovery while the United States dollar is near its multi-year high and the U.S. equities markets are near their June lows. This shows that the sentiment remains negative and traders are not interested in taking on risk in their portfolios.

The U.S. equities markets fell sharply on Oct. 7 following the release of September’s nonfarm payroll data, but they did manage marginal gains for the week. The S&P 500 rose 1.5% and the Nasdaq Composite climbed 0.7% last week. Meanwhile, Bitcoin is on track to finish the week with marginal gains of about 2%.

Crypto market data daily view. Source: Coin360
BTC/USDT daily chart. Source: TradingView
BTC/USDT 4-hour chart. Source: TradingView
XRP/USDT daily chart. Source: TradingView
XRP/USDT 4-hour chart. Source: TradingView
UNI/USDT daily chart. Source: TradingView
UNI/USDT 4-hour chart. Source: TradingView
QNT/USDT daily chart. Source: TradingView
QNT/USDT 4-hour chart. Source: TradingView
EGLD/USDT daily chart. Source: TradingView
EGLD/USDT 4-hour chart. Source: TradingView

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