Bitcoin is currently facing a price drop below the critical level of $107,000, stirring concerns of more significant losses. This decline raises alarms for altcoins like AVAX, LINK, and SOL, which might encounter an unsettling end to October. As the final days of the week and month approach, attention turns to the developments around these cryptocurrencies.
Bitcoin’s Decline and Market Liquidations
Bitcoin’s price reached a new daily low, continuing its battle to avoid further drops. Earlier predictions highlighted the risks associated with trading below $107,000. Although fluctuations between $107,000 and $116,000 were seen as manageable, dropping below this range is undeniably concerning.
Interestingly, no apparent external incident has triggered such a significant downturn. Speculations indicate that the market dynamics are being manipulated, perhaps for a liquidity hunt, waiting for potential positive news to recover. This mystery leaves the market in anticipation.
Coinglass reported $1 billion worth of liquidations in the last 24 hours, with the majority being BTC long positions. The previous day’s announcement by the Fed about ending tight monetary policy’s balance-sheet reduction indicated some reprieve, but cryptocurrencies displayed unexpected reactions.
AVAX, LINK, and SOL Coin Predictions
AVAX might test its crucial support level of $17, a mark maintained since March. Despite recovering past $20 after recent abrupt falls, the decline persists. While perceived as a consequence of market-wide concerns, rather than triggered by specific news, AVAX may still fall to $15.86 if selling pressure continues.
For LINK Coin, the next support zone is $15.65. Should Bitcoin linger at its current levels, LINK’s price might breach this support, risking a dip toward $12.8. Despite Nasdaq dropping by 1.4%, such steep losses in altcoins seem disproportionate to market events.
Possible rebounds for LINK could reclaim the $17.24 and $18 levels if upward momentum resumes.
Lastly, SOL Coin hovers around $180 and might revisit the October 10 low of $170 if downward pressure persists. This volatility showcases the market’s fragility, where weekend selling pressure allowed SOL to momentarily dip as low as $158, revealing vulnerability.