Cryptocurrencies volatile on uncertain risk sentiment

Stock markets were volatile on Thursday causing volatility in crypto markets. Stocks waver as market sentiment remains uncertain. 

Bitcoin price struggled to hold on to the key $20,000 level on Thursday. 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 cryptocurrency, giving hope for the bulls to push on. The first week of October has not disappointed traders’ expectations so far, as Bitcoin price has been on the rise since the start of the week.

Ethereum also struggled to hold onto the previous days’ gains on Thursday, fluctuating around 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.

BTC/USD 1h Chart

ETH/USD 1h Chart

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Written by:
Myrsini Giannouli

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