Chat with us, powered by LiveChat

Choose country & language:

Close Icon

Cryptocurrencies edge higher as market sentiment shifts

Home >  Daily Market Digest >  Cryptocurrencies edge higher as market sentiment shifts

detail_image_market
author_img

Written by:
Myrsini Giannouli

05 October 2022
Share the article

Most major cryptocurrencies edged higher on Tuesday on renewed risk sentiment. Stock markets also extended Monday’s rally and US stocks, in particular, soared. Stock markets benefitted from the risk-on sentiment, propping up cryptocurrency prices. 

The bitcoin price rose above the key $20,000 level on Tuesday. If BTC declines support can be found at $18,500 and further down at $17,600, while resistance may be encountered near $20,500. 

Bitcoin has been in a bear market almost continuously since last November, with its price registering a steep drop from an all-time high of over $68,000 in November 2021, to below $20,000 this month. Bitcoin ended the month with 3% losses. October however, has traditionally been a good month for the cryptocurrency, giving hope for the bulls to push on. The first week of October has not disappointed traders’ expectations so far, as the Bitcoin price has been on the rise since the start of the week.

Ethereum price also rose on Tuesday, climbing above the $1,360 level. If Ethereum's price declines, it may encounter support at $1,255 and further down at the psychological level of $1,000. If Ethereum's price increases, resistance may be encountered near $1,407.

Ethereum price had been boosted in anticipation of the merge from the Proof-of-Work to the Proof-of-Stake method. The hype created around the merger had created a bullish sentiment for the cryptocurrency, which deflated following its completion, triggering a selloff.

BTC/USD 1hr chart

BTCUSD 1hr chart

 

ETH/USD 1h Chart

ETHUSD 1hr chart

The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. TopFX does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of TopFX, no reproduction or redistribution of the information provided herein is permitted.

author_img

Written by:
Myrsini Giannouli

Share the article:

Latest news

main_image_market

Dollar steady ahead of key US economic data

Myrsini Giannouli 28 March 2024
main_image_market

Gold prices advance as US treasury yields decline

Myrsini Giannouli 28 March 2024

Oil prices rise on lower-than-expected US stockpiles

Myrsini Giannouli 28 March 2024

Bitcoin struggles to maintain key $70,000 level

Myrsini Giannouli 28 March 2024
Why TopFX
10-years
13+ years

industry presence
as a Liquidity Provider

Spreads
Spreads
from 0.0 pips

and reliable execution

Segregated
Segregated

client funds

First-class
First-class

customer support

IMPORTANT

The website you are now viewing is operated by TopFX Global Ltd, an entity which is regulated by the Financial Services Authority (FSA) of Seychelles with a Securities Dealer License No SD037 that is not established in the European Union or regulated by an EU National Competent Authority.

If you wish to proceed please confirm that you understand and accept the risks associated with trading with a non-EU entity (as these risks are described in the Own Initiative Acknowledgment Form and that your decision will be at your own exclusive initiative and that no solicitation has been made by TopFX Global Ltd or any other entity within the Group.

Don't show this message again

Cookies on TopFX

The TopFX website uses cookies to optimise user experience.

These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.

Manage Preferences

You can customize your selection of which cookies you want to accept.

  • Essential

    These cookies are necessary for the website to function correctly and cannot be switched off.

  • Functional

    Functional cookies allow the website to remember users' preferences and the choices you make on the website such as username, region, and language.

  • Marketing

    These cookies are used to track visitors across our websites and show you more relevant ads. Marketing cookies also include third-party cookies from partners. For more information relating to data protection & collection please view our Privacy Policy and Cookie Disclosure.