Bitcoin Price Analysis on September 30: Strengthening of Bearish Sentiment

Bitcoin Price Analysis and Bearish Market Trends

The price of bitcoin went flat, after falling from $10,000 to $8,000. But the overall trend is still bearish. Nowadays the rate is being traded in the middle of the downward channel and sometimes it goes into the resistance zone. Moreover, a decrease in trading volume was recorded.

The price has fixed under the 200-day moving average, which is a bad sign. If EMA20 and EMA50 cross the 200-day period, then, highly likely, another extreme fall will happen. 

Crypto Market Capitalization and Altcoin Performance

The total market capitalization has decreased by $7 billion and now it is $210 billion. Trading volume fell on 7% and currently it is fluctuating at $46 billion level. Also, the dominance of bitcoin has decreased to 67,5%, which indicates a relatively small fall on altcoin market.

However, only 10 coins showed growth against the dollar over the past day. The undisputed leader was Dragon Coin, which immediately added 33%, so this fact allowed the coin to enter the Top-100 coins by capitalization.

Furthermore, Seele came in the Top-100 for the first time. This coin added 9.37% per day. Seele is a cryptocurrency with the Matrix-Proof-of-Work consensus algorithm of the same blockchain platform. The trading volume of this cryptocurrency has increased tenfold over the past month, and its liquidity has exceeded 50%. Nowadays Seele is on 93rd line by capitalization with a value of $35 million.

The leader of the fall was Lambda, who lost 50% of its value. The other coins lost in price less than 10%.

Neironix does not forecast bitcoin. If you need fresh forecasts of the rate, consult a specialist.