Bitcoin consolidates around $20k, altcoins draw attention

While BTC waits on a strong push from investors to get past #20,000, traders are bullish on XRP and UNI.

In the second week of October, Bitcoin continues to consolidate around the $20,000 price level. Meanwhile, the US dollar is close to its highest in multiple years, the US equities markets are nearing their lows from June, and the broader crypto markets have yet to start a firm recovery. At the moment, trader sentiments are majorly negative and no one is willing to take a risk on their investment portfolios. 

In the past week, Bitcoin held its ground even when the US equities got dealt a pretty large blow. The selling pressure on BTC might be reducing, and traders aren’t going to want to trade their holdings at lower levels. For a strong recovery, Bitcoin will definitely need some backing from investors willing to take sizable risks. 

BTC/USDT price chart in the past month

While Bitcoin awaits a more positive momentum, traders have shifted their attention to altcoins like UNI and XRP. In the second week of October, XRP (Ripple) can be seen trading around $0.5. Notably, on October 3, XRP bounced off of the 20-day EMA of $0.47, which might have meant that the lower prices are attracting more buyers. With the RSI at 57.2, the bulls are taking the lead on XRP for now. 

XRP/USDT price chart in the past month

UNI (Uniswap) is hovering around $6.4 in the same timeframe. 

UNI/USDT price chart in the past month

UNI is trading above its 50-day SMA ($6.26) at the moment, so again, it seems bulls are taking charge to lead the crypto towards recovery.

Press ESC to close