Bitcoin Stays Above USD 13,000, Altcoins Take Hit

[blacky90]

After trading towards the USD 13,850 level, bitcoin price struggled to continue higher. BTC started a corrective decrease and traded below the key USD 13,500 support. The price declined 5%, but it is currently (05:00 UTC) trading well above the USD 13,000 support.
Conversely, there was a strong decline in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD settled well below the USD 400 support, but it is holding the USD 385 support level. XRP/USD is testing the USD 0.245 support and remains at a risk of more downsides in the short-term.

Total market capitalization

Bitcoin price

There was a sharp downside correction in bitcoin price from the USD 13,850 zone. BTC broke the USD 13,650 and USD 13,500 support levels to move into a short-term negative zone. The price even spiked below the USD 13,000 support, but it quickly recovered. It is now trading above the USD 13,150 level, with an initial hurdle at USD 13,300.
The main resistance for a fresh increase is now forming near the USD 13,500 level. On the downside, an initial support is near the USD 13,150 level, below which the bulls might protect USD 13,000.

https://cryptonews.com/news/bitcoin-stays-above-usd-13-000-altcoins-take-hit-8138.htm

[DeathAngel]

It was good to see such a strong support level displayed at 13k. Once we dipped below I expected the price to tumble down to mid 12k’s or worse. I hope that over the coming days we could see the next leg up, IMm being greedy though

[Wysi]

We are heading towards right direction as BTC is battling hard to stay above $13k when other altcoins have stated to tumble under pressure but there is another point of view as well wherein altcoin holders have switched to Bitcoin after the recent pump which has provided resistance against dump for Bitcoin and could possibly reason behind downfall of altcoins.

[Baofeng]

It was good to see such a strong support level displayed at 13k. Once we dipped below I expected the price to tumble down to mid 12k’s or worse. I hope that over the coming days we could see the next leg up, IMm being greedy though

$13k is the new $10k as the support level is very strong, I actually did see the price goes to $13k and then it quickly bounce back to $13,400-$13,500 and I was surprised to see that fast recovery, so obviously bitcoin is really still on the accumulation phase. And as altcoins bleed and perhaps their is another shift again, dominance of bitcoin grows a bit, indicating that altcoin investors and probably new investors are getting into the bitcoin market. If we would see another big leg up or new all time high, it should be next year though. Short term we might rally and end up on the $15k-$16k before the end of the year.

[Lanatsa]

It was good to see such a strong support level displayed at 13k. Once we dipped below I expected the price to tumble down to mid 12k’s or worse. I hope that over the coming days we could see the next leg up, IMm being greedy though

Its not being greedy but we are eagerly excited to see those high levels once again.We've been tanking on this market for certain low price for a while now and maybe it isn't really that bad
to changed up things right now.

Im also glad that 13k support is pretty holding strong at the moment and we do need even more some catalyst which can drive or move the price way more higher.

For altcoins then it isn't something new that they would be in reds which its normal to think that people are making up some switches but still there are alts
that do came along with btc's trend.

[Kemarit]

What do you expect from altcoin market though? sooner or later the whole Defi hype will go down and that's what happen in the last week or so, then the continues scammers on that market stealing millions per hit. So investors are getting wise, better invest on BTC now, before it's too late.

For $13,000 support, yeah, it looks strong for now, and the price seems fluctuating but not going down below it, so it means that investors and the bulls are not willing to give up that support so easily and on the contrary, $14,000 is just around the corner.

[adaseb]

Basically it goes like this. Bitcoin Pumps - > Alt coins dump -> Bitcoin Tops -> Alt coins pump -> Alt coins top -> Tether pumps and cycle repeats. This is what we clearly saw first hand in 2017-2018. Bitcoin started the year at $1K and went to $20K, and when it topped in Dec 2017, for some odd reason altcoins started to pump into levels we haven't seen before. ETH topped out at $1400 and XRP at $3.20. And later the ship started to sink.

I think the reason why this happens is because people want BTC when its rising and not alts, but when bitcoin tops they want to get into either fiat or alts. Alts are preferred if they are cheap, so people get into alts, then when alts pump, they sell into fiat because they know both alt and btc will dump and holding tether or fiat is safer. And history repeats itself.

[pooya87]

After trading towards the USD 13,850 level, bitcoin price struggled to continue higher.

"struggle" seriously?

price went up 20% in the past ~10 days and had a little correction after the $2500 rise and you think it is a "struggle". it is normal my friend and it is showing the healthy market. the drop is also called a "correction" which is currently sitting at $400 below the top it reached ($13860).

as for altcoins, it is the normal behavior whenever bitcoin rises or falls. we had both so on both cases altcoins have been dumping. now if bitcoin price stabilizes and remain in this range even for today we can see some shitcoin pumps for a little while until bitcoin starts moving up so they get dumped again.

[maydna]

As bitcoin price at the weekend, the bitcoin price will usually make a correction for a while because if we see at the market, the price is not increasing too high, but I don't think that bitcoin will stop at that price. Perhaps, in the next week, bitcoin price will start a rally to the high price, and if that happens, the price can increase and break $14k. Bitcoin price itself has a big chance to break $14k because, at the last time a high price, bitcoin price almost touches $14k. So the price will have more options to back to the high-level price, although we don't know when it will happen. Just make sure you are ready for anything that will happen.

[STT]

BTC is generally positive while it stays within the weekly average, its got great momentum considering so much doubt is in the market around political and pandemic worries.    We lost 2 day then challenged lower with a 3rd touch today, I dont expect it to be negative for the rest of this week.   Until any further action maybe next week it must be called positive while keeping buyers happy in general.   
  For long term gains I do think it has to challenge critical levels, theres always froth and hype in rising prices which will represent weakness and has to be taken out periodically but many people now believe BTC is some kind of safe haven from losses elsewhere, Im unconvinced we will be so simple to sit higher no matter the news and currency flows but its done well post March.

Bitcoin Tops -> Alt coins pump -> Alt coins top

I noticed that after the 2017 peak, surprised me but its happened a few times I guess.

[cryptomaniac_xxx]

As bitcoin price at the weekend, the bitcoin price will usually make a correction for a while because if we see at the market, the price is not increasing too high, but I don't think that bitcoin will stop at that price. Perhaps, in the next week, bitcoin price will start a rally to the high price, and if that happens, the price can increase and break $14k. Bitcoin price itself has a big chance to break $14k because, at the last time a high price, bitcoin price almost touches $14k. So the price will have more options to back to the high-level price, although we don't know when it will happen. Just make sure you are ready for anything that will happen.

Even gambling sites slows down a bit during weekends,  so I'm not surprised if this happens to bitcoin as well as I've also noticing this kind of phenomena, may investors just want to take a respite and taking some profits. So I'm not surprised though, but the good thing is that it is holding $13k so let's see after this weekends and start of November if bitcoin has a big chance to break $14k.

[Kelvinid]

I give hopes for the altcoins to follow on what Bitcoin has now because until now, they are still in red color while Bitcoin price keeps moving in an upward motion. If we keep this momentum, no wonder that we can be hitting for $14k in the coming days. But the dump is inevitable and therefore, we can't expect that it never happen nor the trend went so smooth going for the next ATH.

In regards to altcoins, that is a big challenge. 2017 both Bitcoin and altcoins rallying together but I see a difference this time, it looks like 2020 is not really a good year for crypto in general but just for Bitcoin.

[Gozie51]

In regards to altcoins, that is a big challenge. 2017 both Bitcoin and altcoins rallying together but I see a difference this time, it looks like 2020 is not really a good year for crypto in general but just for Bitcoin.

It is not late for the season to my view because we still have two months to the end of 2020. In 2017, the price movement of bitcoin wasn't simultaneous with altcoins. Etheruem and very few others were those that led through with bitcoin. So I think the valuable altcoins would later start a bull run if it has commenced.

[GreatArkansas]

BTC is generally positive while it stays within the weekly average, its got great momentum considering so much doubt is in the market around political and pandemic worries.    We lost 2 day then challenged lower with a 3rd touch today, I dont expect it to be negative for the rest of this week.   Until any further action maybe next week it must be called positive while keeping buyers happy in general.    
  For long term gains I do think it has to challenge critical levels, theres always froth and hype in rising prices which will represent weakness and has to be taken out periodically but many people now believe BTC is some kind of safe haven from losses elsewhere, Im unconvinced we will be so simple to sit higher no matter the news and currency flows but its done well post March.

Bitcoin Tops -> Alt coins pump -> Alt coins top

I noticed that after the 2017 peak, surprised me but its happened a few times I guess.

I am really looking forward to this another strong support for Bitcoin now. The $12,000 area. Before I believe the $10,000 is also the strong one when we are still ranging $10,000 - $12,000. But look at how Bitcoin broke that $12, 000 price level resistance last year and this August - September.
For now, I am not worried even we will feel a huge dump until the weekly close, as long for me, we will not drop below $12,000.

[error08]

After bitcoin rally to $13,850, a correction is a normal thing in this market, bitcoin persist in a healthy bull market
Bitcoin price needs to hold the support at 13,200 for 24 h to continue the uptrend. The market sentiment still in the buy position.
Meanwhile, altcoins seems to take a deeper dip although it wasn't following the recent bitcoin rally, probably traders cash out to buy the dip of bitcoin.
However, it's a good opportunity to buy more altcoins in case of the next uptrend.



source

[kotajikikox]

After trading towards the USD 13,850 level, bitcoin price struggled to continue higher. BTC started a corrective decrease and traded below the key USD 13,500 support. The price declined 5%, but it is currently (05:00 UTC) trading well above the USD 13,000 support.
Conversely, there was a strong decline in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD settled well below the USD 400 support, but it is holding the USD 385 support level. XRP/USD is testing the USD 0.245 support and remains at a risk of more downsides in the short-term.

Total market capitalization

actually it fell from down to $13,100 and i see the most affected one in this is Ethereum,climbing from almost $500 down to $380 things that very drastic this past week.

Good to see this graph

Bitcoin price

i think what we must have now is to wait a little more,since Bitcoin is showing strong in $13k level so we can t least be comfortable that we will not fall down to 10 or 11 k again.

[sunsilk]

I won't use the word struggle going through $14k as it seems to be negative for me. That's not a big matter though, it's just my perspective that makes it look negative to hear and read with the analysis but I have nothing against it. It came from $11k and passed to $12k so fast without too much obstacle.

The break through $13k is very positive to look at the performance of bitcoin for the past weeks. The correction is inevitable just like how inevitable it is to see bitcoin hits $13k. We will soon pass the $14k after these probably sets of correction.

[Fundamentals Of]

I won't use the word struggle going through $14k as it seems to be negative for me. That's not a big matter though, it's just my perspective that makes it look negative to hear and read with the analysis but I have nothing against it. It came from $11k and passed to $12k so fast without too much obstacle.

The break through $13k is very positive to look at the performance of bitcoin for the past weeks. The correction is inevitable just like how inevitable it is to see bitcoin hits $13k. We will soon pass the $14k after these probably sets of correction.

$14,000 seemed a little harder to break even if the increase has already gained much momentum after breaking $12,000 and $13,000 quite easily. But that's not bad at all. There must be big sell-offs in the $13,800 level which caused the price to correct several hundreds, even pushing it almost below $13,000. But that was it for the correction.

What's happening right now is another ascent which is probably way much stronger than earlier as those who have made profit have already unloaded some of their Bitcoin before it even hit $14,000.

[FanEagle]

Altcoins usually go up with bitcoin ever since the BCH deal, that was about summer of 2017 and before that whenever bitcoin went up, altcoins went down because it was only bitcoin that got affected from the hype and others didn't. Ever since those days, people see bitcoin as a way to get involved with crypto, if bitcoin could x2 soon, that means another coin could 10x and that is why people moved to altcoins a lot during hype periods to make the most out of a bull run.

This time around it wasn't like that at all, it was more about how bitcoin went up because of a great news and doing great but people didn't see any reason at all why altcoins should go up too, it was nothing to do with altcoins so they didn't move to that. Hence I believe this isn't a forever thing but a situational thing.

[daarul50]

Basically it goes like this. Bitcoin Pumps - > Alt coins dump -> Bitcoin Tops -> Alt coins pump -> Alt coins top -> Tether pumps and cycle repeats. This is what we clearly saw first hand in 2017-2018. Bitcoin started the year at $1K and went to $20K, and when it topped in Dec 2017, for some odd reason altcoins started to pump into levels we haven't seen before. ETH topped out at $1400 and XRP at $3.20. And later the ship started to sink.

I think the reason why this happens is because people want BTC when its rising and not alts, but when bitcoin tops they want to get into either fiat or alts. Alts are preferred if they are cheap, so people get into alts, then when alts pump, they sell into fiat because they know both alt and btc will dump and holding tether or fiat is safer. And history repeats itself.

Is that cycle you mentioned above is a real one that come from a research/data or just your own opinion/speculation?
If that kind cycle is really exist , people should have noticed it and find a way to make money easily through this cycle , it is not hard to understand.
There is no fixed pattern isnt it?
Altcoins get the pressure as a lot of holder cash the altcoin out and switch it to bitcoin as they see the rare momentum, this is general to happen.