Cryptocurrency

Bitcoin

Rekt

<p>Cryptocurrency prices slid lower on Monday as Bitcoin stalled below $28,000 resistance. The pullback follows a failed rally over the weekend that saw Bitcoin briefly reach $28,000 before meeting selling pressure.</p> 
<p>At the time of writing, Bitcoin traded around $27,640, falling 1.5% over the past 24 hours. The overall crypto market cap declined nearly 1.8% to $1.09 trillion as traders took profits from the recent bounce.</p> 
<p>The retreat from local highs aligns with bearish technical outlooks. Analyst Alejandro <a href="https://twitter.com/Pastore1314/status/1708864460423635023" target="_blank" rel="noopener noreferrer nofollow">expects</a> Bitcoin to revisit the $19,000 to $20,000 zone, which he identifies as a potential floor. But he cautions another capitulation wave could drive prices as low as $12,000 first.</p> 
<figure class="wp-block-image size-large"> 
 <img decoding="async" loading="lazy" width="1024" height="586" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-46-1024x586.png" alt="" class="wp-image-347747" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-46-1024x586.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-46-300x172.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-46-767x439.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-46-1536x880.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-46-2048x1173.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-46-262x150.png 262w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-46-100x57.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-46-611x350.png 611w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-46-788x451.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-46.png 1280w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
<p>Other experts highlight Bitcoin’s failure to overcome stiff overhead resistance around $28,000. Rekt Capital <a href="https://twitter.com/rektcapital/status/1708877645159583800" target="_blank" rel="noopener noreferrer nofollow">notes </a>that the latest rejection creates a problematic lower high that keeps the cryptocurrency stuck in its downtrend.</p> 
<figure class="wp-block-image size-large"> 
 <img decoding="async" loading="lazy" width="1024" height="688" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-47-1024x688.png" alt="" class="wp-image-347755" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-47-1024x688.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-47-300x201.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-47-767x515.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-47-1536x1032.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-47-2048x1375.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-47-223x150.png 223w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-47-100x67.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-47-521x350.png 521w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-47-788x529.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-47.png 679w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
<p>Beyond technical headwinds, FTX founder Sam Bankman-Fried’s criminal trial beginning October 3rd may also be unnerving investors. The high-profile case could bring negative publicity and regulatory scrutiny back to the forefront.</p> 
<p>Additionally, some traders likely took profits on long positions after yesterday’s price jumps. Bitcoin surging to briefly top $28,000 in days led opportunistic sellers to lock in gains.</p> 
<p>The combination of hitting resistance, profit-taking, and external regulatory risks took the steam out of the rally. Looking ahead, clearing the recent lower highs is critical for Bitcoin to restore upside momentum in the near-term. Otherwise, technical and fundamental drags could lead to a retest of 2022 lows.</p> 
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style=""> 
 <div class="col_wrap_two mb0"> 
  <div class="offerbox_big_wrap flowhidden"> 
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"> <a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a> 
   </div> 
   <div class="product-summary col_item mobileblockdisplay"> 
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"> <a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a> </h3> 
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"> <strong>74% of retail CFD accounts lose money.</strong> 
    </div> 
    <div class="buttons_col mb25 rh_big_btn_inline"> 
     <div class="priced_block clearfix"> 
      <div> <a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a> 
      </div> 
     </div> 
    </div> 
    <div class="bigofferdesc"> <i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc. 
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/why-is-the-crypto-market-down-today-6/">Why is the Crypto Market Down Today?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why is the Crypto Market Down Today?

Table of Contents

CaptainAltcoin

Other articles published on Oct 3, 2023

AFKDAO Collaboration with Gameboy

FTX Founder in Talks to Pay Off Bahamas’ $10B National Debt!

Chainalysis axes another 15% of staff citing difficult market conditions

Crypto Prices Today: BTC, SOL, CRV, PEPE All Record 24H Losses

Binance Assists Thai Law Enforcement with Dismantling Major Crypto Scams!

New Lawsuit Accuses Binance Exchange of Manipulating FTX’s Demise

Join our free newsletter for daily crypto updates!