Bitcoin (BTC) and the global crypto market cap have moved in tandem over the last few months as the top cryptocurrency leads larger market momentum.
The global crypto market has been in a long-drawn downtrend for over 11 months now as Bitcoin, Ethereum (ETH), and most of the top altcoins undergo massive correction.
After Bitcoin’s price made the $69,000 all-time high in Nov. 2021, the larger crypto market has declined in price in tandem with BTC.
The historic pullback has affected HODLers, traders, and investors as top crypto assets continue to oscillate in proximity with the lower price range.
October unlikely to offer relief for crypto
Bitcoin, the oldest cryptocurrency with the largest market capitalization of over $368 billion, is often called the king coin of the market, and rightly so. Being a first mover and the top coin, BTC price typically directs the larger market flow unless in an altcoin season, or altseason.
At press time, BTC price stood at $19,153.35, still oscillating in a tight range below the $20,000 mark. With no major short-term bullish catalysts in sight, Bitcoin price has little to no support in case of a bearish turn.
BTC price recently dipped below a crucial demand wall around the average price of $19,357 based on Into The Block’s In and Out of Money around the price Indicator.
Notably, if BTC price continues to dip, the addresses that are now underwater may be forced to sell, further pushing BTC price lower.
For now, the next significa
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