Market Outlook: BTC, ETH, BNB Forecasts for October 17
Cryptocurrency markets show signs of pressure as Bitcoin and Ether approach new lows. Analysts remain split about the market's next moves.
Market Overview
Signs of volatility are evident as Bitcoin (BTC) and Ethereum (ETH) continue to press towards new lows. In the backdrop, analysts are questioning whether key upcoming economic events in the U.S. may revive bullish trends in the market.
Key Insights:
- Bitcoin has encountered support near the $107,000 mark. However, signs suggest that any rally may find resistance as selling pressure looms large.
- Many altcoins are currently hovering at significant support levels, yet a robust rebound remains absent, hinting at sustained downward trends.
Price Dynamics for Major Cryptocurrencies:
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BTC seems under heavy scrutiny, as it remains susceptible just under the robust support level of $107,000. Concerns regarding credit risks tied to U.S. regional banks have compounded fears in trader sentiment.
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According to Bitwise analysts, last week saw considerable liquidations, suggesting a possible end to the selling trend, with these fluctuations hinting at a potential for contrarian buying.
