Although Bitcoin and altcoins had a good start to October, they could not continue this. It has struggled to maintain positive momentum this week due to rising concerns about Israel-Hmas tensions and other macroeconomic events.
After the price drop this week, the BTC and cryptocurrency market seems to have stabilized to some extent.
At this point, analysts evaluating the situation in Bitcoin and the market in general stated that Bitcoin and the crypto market have fallen since Monday, as investors priced in the increase in oil prices and the decline in traditional stocks and thought that the tension could affect international trade.
Some analysts stated that the current price movement in Bitcoin should not necessarily be interpreted as a bullish or bearish trend, saying that this price movement points to the balance between buyers and sellers.
Speaking to Coindesk, Beam CEO Andy Bromberg said:
“Bitcoin showed neither an upward nor a downward trend in recent days. The current movements of BTC indicated a construction phase.
There is currently an equilibrium in Bitcoin where there are few newcomers and very few exits.
This balance maintains a relatively stable price. At this point, it seems unlikely that an upward movement in the Bitcoin price will occur until catalysts such as the Bitcoin halving or the approval of spot ETFs come into play.”
Bobby Zagotta, Bitstamp's US CEO, said about Bitcoin: “Bitcoin will continue to be the most established, most understood and most reliable cryptocurrency available in the future. This is a sign that the BTC price will increase in the future.”
Bitcoin, which has decreased by approximately 3% in the last week, seems to have stabilized at $ 26,800 at the time of writing.
*This is not investment advice.