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Bitcoin (BTC), Ethereum (ETH) Slump, Alt-Coins Hit Hard

Bitcoin (BTC), Ethereum (ETH) Slump, Alt-Coins Hit Hard

Nick Cawley, Strategist

Bitcoin (BTC/USD), Ethereum (ETH/USD) Prices, Charts, and Analysis

  • Bitcoin (BTC) breaks support and touches $58k
  • Ethereum (ETH) looking to regain prior support.
  • Alt-coins hammered after a strong run of late.

After opening the day broadly unchanged, the cryptocurrency market slumped across the board in the space of a few minutes with some alt-coins registering hefty double-digit losses. The market has been reasonably calm of late with Bitcoin and Ethereum stable while the alt-coin market has been outperforming with 10-20 percent gains. This move may just be the case of volatility and complacency colliding and the next few days will likely decide the short- to medium-term outlook for the market.

Bitcoin has broken through prior resistance and hit a low just above $58k before steadying and pushing back up to prior support around $59.5k. There are no obvious reasons for the move as yet.

Bitcoin (BTC/USD) 5-Minute Chart – October 27, 2021

Bitcoin (BTC), Ethereum (ETH) Slump, Alt-Coins Hit Hard

Ethereum opened the session in a positive mood and looked to be pushing towards the all-time high at $4.378. The sharp sell-off took the second-largest crypto by market capitalization below recent support at $4,028 to a low of $3,932. Ethereum is starting to stabilize but needs to regain and stay above prior support if it is to push higher.

Ethereum (ETH/USD) 5-Minute Price Chart – October 27, 2021

Bitcoin (BTC), Ethereum (ETH) Slump, Alt-Coins Hit Hard

The alt-coin market has given back nearly all of its recent gains and may take time to rebuild. Cardano (ADA) hit a low print just above $1.80 after having traded as high as $2.38 earlier this month, while Solana (SOL) traded around a low of $175 after having made an all-time high of $219 on Monday.

What is your view on Bitcoin (BTC) and Ethereum (ETH) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.