RATE Group | Bitcoin and major altcoins drift towards support levels
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Bitcoin and major altcoins drift towards support levels

31 Oct Bitcoin and major altcoins drift towards support levels

Posted at 06:58h in Cryptocurrency News by

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  • Bitcoin (BTC) has settled above SMA200 daily amid short-term downside correction.
  • Altcoins are mostly bearish during early Asian hours.

The cryptocurrency market stays in a red zone with bitcoin and all the majority of top-20 altcoins nursing losses from 1% to 7%. The downside correction is gaining traction into the end of the week. The total cryptocurrency market capitalization is decreased to $245 billion from $248 billion the day before; an average daily trading volume settled at $88 billion down from $98 this time on Wednesday; Bitcoin’s market share settled at 67.3%.

Top-3 coins price overview 

BTC/USD bottomed at $8,995 on Wednesday and recovered to $9,107 by the time of writing. Strong support created by SMA200 (Simple Moving Average) daily stopped the bears; however, once it is broken, the sell-off may start snowballing with the next focus on $8,600.  Bitcoin has lost nearly 1.5% of its value in the recent 24 hours and stayed mostly unchanged since…

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