Bearish voices are calling caution, but Bitcoin and crypto bulls are having a little relief rally trot through the woods. Maybe there’s something to this “Uptober” business after all.
Moving immediately onto the dark arts of technical analysis for a minute, observant crypto chart gazers have noticed Bitcoin has just nudged its way through a long-term, downtrend on the weekly timeframe. It’s been a 47-week week decline and apparently it’s just been breached.
For the first time in nearly a YEAR, we are seeing #Bitcoin breaking its downtrend with yesterday’s Daily close above it!
Not only that but also after 14 days of boring range we’re also seeing break & close above 2017 ATH
LTF strength is in the hands of bulls after long time ✍️ pic.twitter.com/Haa5VQQC88
— JACKIS (@i_am_jackis) October 5, 2022
— Crypto Nature (@MatisPaquin) October 5, 2022
There is some excitement around this, and general sentiment building for a further bounce or relief rally for Bitcoin for October, but perhaps it should be noted that it hasn’t (yet) been the most forceful of moves.
Cointelegraph, for instance, described it as “consolidating” through the trendline “by trading in a sideways manner where price has been range bound between $18,500 and $24,500 for the past 114 days”.
Popular trader/analyst “il Capo of Crypto” (545k Twitter followers can’t be wr… never mind) is down with a small rally. But he’s also down with a move much, er, downer ($14-$16k) after he predicts BTC will hit some hefty resistance not too far above these levels.
Expectation is 3-6% move up on the entire market, average. Some shitcoins might be the exception and have higher returns.
Then I would like to see bearish signs, but yeah, that resistance should hold. We would then see a strong bearish move towards new lows.
— il Capo Of Crypto (@CryptoCapo_) October 5, 2022
Guess we’ve got to keep it real and look at both sides of the coin – he’s certainly not the only one calling caution. Still, why kick a nice narrative when it’s just starting to feel ripe, eh Galois Capital?
I submit to the Uptober narrative. It feels ripe.
— Galois Capital (@Galois_Capital) October 4, 2022
Galois is, incidentally, a crypto hedge fund that’s known for its prediction of the collapse of the Terra blockchain ecosystem, which had a US$60 billion implosion that kicked of in May this year. Not a bad call, really.
Top 10 overview
With the overall crypto market cap at US$1 trillion, down fractionally since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
The weekly price action is the most interesting column to look at here in the majors today. Bitcoin’s 5.7% rise shows that Uptober is certainly trying to fulfil its prophecy, despite an initial small dip to start the month.
Look out for 10/19 which is the deadline to move for reconsideration.
— Jeremy Hogan (@attorneyjeremy1) October 5, 2022
The other strong performers are blockchain payments rail XRP (which still has positive sentiment for a potential court case win against the SEC); Binance’s layer 1 ecosystem token BNB; and Elon Musk’s favourite monetary meme Dogecoin (DOGE).
Elon Musk’s surprise Twitter U-turn
DOGE has surged in direct correlation with the news that Musk’s interest in buying Twitter is once again on the boardroom table.
After looking to back out of the deal, citing a lack of transparency regarding alleged spam bots and fake accounts overrunning the social media platform, this is an unexpected about face from the Tesla billionaire. And despite having a very big face, it seems it doesn’t take much to move it.
According to a notice filed this week by Musk’s lawyers with the Delaware court overseeing the legal drama with the Twitter board, Musk is ready to “proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement.”
Musk’s proposed deal for the platform, which is at the original price of US$44 billion, has the condition that there is “an immediate stay of the action” and adjournment of the trial once he stumps up the cash.
Elon Musk offers to proceed with the Twitter acquisition deal for the original price of $44 billion.
— DogeDesigner (@cb_doge) October 4, 2022
Twitter can become a payment app by adopting #bitcoin
Users could buy coffee and checkout at Starbucks, or send remittances across the world using just their Twitter app. @jackmallers explains that @elonmusk has the opportunity to distrupt big bankspic.twitter.com/xF9FB8Flsx
— Documenting Bitcoin 📄 (@DocumentingBTC) October 4, 2022
Uppers and downers: 11–100
Sweeping a market-cap range of about US$7.37 billion to about US$391 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
• Tokenize Xchange (TKX), (market cap: US$838 million) +17%
• Evmos (EVMOS), (mc: US$481 million) +10%
• Helium (HNT), (mc: US$734 million) +8%
• Ethereum Name Service (ENS), (mc: US$442 million) +7%
• NEAR Protocol (NEAR), (mc: US$2.9 billion) +2%
• Chain (XCN), (market cap: US$1.48 billion) -5%
• Quant (QNT), (mc: US$1.84 billion) -3%
• Lido DAO (LDO), (mc: US$1 billion) -3%
• Ravencoin (RVN), (mc: US$404 million) -3%
• XDC Network (XDC), (mc: US$415 million) -3%
Around the blocks
A selection of randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse…
personally i think all social media getting obliterated would be good for the world
would be nice if it could be done in a way that actually elevated discourse and incentivized understanding rather than people trying to own each other for clout but will believe when i see
— Shibetoshi Nakamoto (@BillyM2k) October 4, 2022
— naiive (@naiivememe) October 5, 2022
Most seem overly eager to short #crypto any day now, thinking it’s going to be easy street to new lows.
Meanwhile, $BTC is breaking its linear trend line from ATHs and holding above a multi-year pivot.
A secondary uptrend that frustrates retail seems more appropriate. pic.twitter.com/8RYiRfOu6l
— Justin Bennett (@JustinBennettFX) October 4, 2022
— Watcher.Guru (@WatcherGuru) October 4, 2022
BREAKING: 🇦🇷 Argentina’s state-owned oil & gas company is mining Bitcoin at one of the biggest oil fields in the country! 🔥
Nation state adoption… 🚀
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) October 4, 2022
Start trading at https://t.co/aOV4H5J750 pic.twitter.com/jcHYVeC31Y
— BTC Markets (@BTCMarkets) October 5, 2022
HUGE! 🇷🇺 Russia to allow international trade In Bitcoin & crypto in every industry!
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) October 4, 2022
Drafting the Illuvifest IIP is one of the most exciting things I’ve worked on at Illuvium.
Top-tier music artists with the greatest minds in crypto combined with an E-sport tournament… 🤯
If you ever needed an excuse to come to Australia – this is it.
— Kieran.eth ♊️ (@KieranWarwick) October 4, 2022
This news is republished from another source. You can check the original article here