Bitcoin

Avalanche

<p style="text-align: justify">Global markets start the week on a negative note amidst the conflict between Israel and Palestine. The price of <a href="https://en.coin-turk.com/paypal-appoints-a-10-year-bitcoin-investor-as-ceo/" data-wpel-link="internal">Bitcoin</a> has also dropped below $27,500 today. While there are several reasons for market fluctuations, it is significant that the king of cryptocurrencies maintains the $27,500 level. So, what are the reasons behind the decline in crypto? What are the expectations for this week?</p> 
<h2 style="text-align: justify" id="analysis-of-cryptocurrencies">Analysis of Cryptocurrencies</h2> 
<p style="text-align: justify">The cumulative value of cryptocurrencies has been decreasing since October 2. <a href="https://en.coin-turk.com/crypto-funds-experience-continued-withdrawals-a-focus-on-the-bitcoin-and-altcoin-markets/" data-wpel-link="internal">Avalanche</a> (AVAX) reached its highest level on October 7, but sellers pushed the price down as the gains of the Stars Arena protocol fell into the hands of attackers.</p> 
<p style="text-align: justify">The cumulative value had a significant recovery from the $1 trillion support on September 11. On September 18, TOTALCAP surpassed the declining resistance trend line and reached $1.1. Although the excitement brought by futures ETH ETFs made October 2 promising, the support of this price catalyst was extinguished as the weekly volume remained around $10 million.</p> 
<p style="text-align: justify"><img decoding="async" class="size-full wp-image-264674 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/Kripto-Paralarin-Kumulatif-Deger-Grafigi.png" alt="" width="1888" height="787"></p> 
<p style="text-align: justify">When we examine the cumulative value graph of cryptocurrencies, we see a similar structure to the peak point on August 29. The downward deviation indicates that altcoins may experience more losses. If the downward movement continues, there will be a pullback to $1 trillion and an average decline of around 7% in altcoins. However, if the threshold of $1.1 trillion is surpassed again, there will be a recovery to the level of 1.13.</p> 
<h2 style="text-align: justify" id="why-is-bitcoin-falling">Why is Bitcoin Falling?</h2> 
<p style="text-align: justify">There are many developments that will drag down crypto this week, including the increase in DXY, the possibility of oil targeting $100 again due to recent negativity, the US inflation data to be announced this week, and negative comments from Fed members.</p> 
<p style="text-align: justify">Similar to the cumulative value, the price of <a href="https://en.coin-turk.com/bitcoin-consolidates-as-average-transaction-volume-hits-lowest-in-over-two-years-is-a-surge-imminent/" data-wpel-link="internal">BTC</a> surpassed the trend line on September 28. Then, with the clear sign of selling pressure represented by the upper wick, the price went down. In the scenario where the king of cryptocurrencies fails to surpass the $28,000 resistance zone, there is a risk of a drop to $26,000.</p> 
<p style="text-align: justify"><img decoding="async" class="size-full wp-image-264675 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/Bitcoin-Neden-Dusuyor-9-Ekim.png" alt="" width="1890" height="785"></p> 
<p style="text-align: justify">If the resistance zone of $28,143-$28,300 is reclaimed, the price can climb to $29,500 and then to $32,000. In the case of a continued decline in AVAX Coin, it can drop to $9.2. In the opposite scenario, it can rise to $12.3 with a 25% increase.</p> 
<div class="sorumluluk_reddi" style="text-align: justify">
 <strong>Disclaimer:</strong> The information in this article does not constitute investment advice. Investors should be aware of the high volatility and therefore the risks associated with cryptocurrencies and should conduct their own research.
</div> Continue Reading: <a href="https://en.coin-turk.com/reasons-behind-the-decline-of-cryptocurrencies-today-analysis-of-bitcoin-and-altcoins/" data-wpel-link="internal">https://en.coin-turk.com/reasons-behind-the-decline-of-cryptocurrencies-today-analysis-of-bitcoin-and-altcoins/</a>

Reasons Behind the Decline of Cryptocurrencies Today: Analysis of Bitcoin and Altcoins

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