Bitcoin (BTC) dipped to $85,938 on October 6, marking a 0.8% decrease over 24 hours. Ethereum (ETH) followed suit, trading at $2,719, down 0.3%. The Crypto Fear and Greed Index rebounded to 73 after a period of low volatility, remaining in the “Greed” territory. Across the network, $194 million in leveraged positions were liquidated in the past 24 hours, affecting 64,543 traders. Meanwhile, the US Nasdaq stock index reached a new all-time high driven by strong AI stocks, though Treasury yields surged to their highest levels since 2002.
Market Overview
Bitcoin (BTC) was trading at $85,938 on Binance on October 6, a 0.8% decline from the previous day. The cryptocurrency saw a high of $86,999 and a low of $84,972 within the 24-hour period. Ethereum (ETH) also experienced a downturn, trading at $2,719, down 0.3%, with its trading range between $2,738 and $2,679. The Crypto Fear and Greed Index climbed back to 73 after two consecutive days of subdued fluctuations, indicating continued market greed. Over the past 24 hours, $194 million in leveraged crypto positions were liquidated across the network, resulting in the liquidation of 64,543 traders.
Liquidation Data
According to data from CoinGlass, total liquidations across the crypto market in the last 24 hours amounted to $194 million. Long positions accounted for $114 million of this total, while short positions comprised $80.65 million. The largest single liquidation occurred on Binance for the BTCUSDT contract, valued at $11.85 million.
US Market Performance and Economic Indicators
US stocks closed higher on Monday, October 5, with the Nasdaq Composite reaching a new record high, buoyed by the strength of AI-related stocks. The S&P 500 and Dow Jones Industrial Average also saw gains. Non-farm payrolls in September increased by only 29,000, falling short of the expected 90,000, and the unemployment rate rose to 4.2%. This data has tempered expectations for an imminent Federal Reserve interest rate hike. However, the 10-year Treasury yield surged to its highest point since 2002. Semiconductor stocks showed resilience, with Micron reporting better-than-expected earnings and Nvidia announcing its largest-ever share buyback program, bolstering market confidence.
Altcoin Performance
Solana (SOL) was trading at $121.08, a slight decrease of 0.17%, showing minimal change. XRP also followed the broader market trend, falling 0.8% to $1.5105. Major altcoins experienced minor declines, with no significant standout performers in the broader altcoin market.
Bitcoin Technical Analysis
Based on its UTC closing price of $85,767 on October 5, Bitcoin’s 14-day Relative Strength Index (RSI14) stood at 64.6, indicating a strong upward momentum. The 20-day Simple Moving Average (SMA20) at $83,391 was above the SMA50 ($79,505) and SMA200 ($71,618), showing a healthy upward trend with normal moving average alignment. The MACD (12,26,9) indicator displayed a bearish crossover (DIF below DEA), with the histogram widening, suggesting increasing bearish momentum. The 20-day Bollinger Bands showed the closing price above the middle band of $83,391. Key resistance levels are identified at the 30-day high of $87,396 and the upper Bollinger Band at $89,051. Support levels are located at the SMA20 ($83,391), SMA50 ($79,505), and the lower Bollinger Band ($77,730).
Ethereum Technical Analysis
With a closing price of $2,710, Ethereum’s 14-day RSI was 61.5, also suggesting a strong upward trend. The SMA20 ($2,664) was above the SMA50 ($2,518) and SMA200 ($2,122), with the closing price trading above the SMA20. The MACD indicator also showed a bearish crossover with widening histogram bars, indicating increasing bearish momentum. The closing price was above the middle band of the 20-day Bollinger Bands at $2,664. Resistance levels are at the 30-day high of $2,807 and the upper Bollinger Band at $2,835. Support levels are at the SMA20 ($2,664), SMA50 ($2,518), and the lower Bollinger Band ($2,494).
Market Sentiment and Outlook
The Crypto Fear and Greed Index has fluctuated between 65 and 74 over the past eight days (September 29 to October 6), with a rebound to 73 on October 6, suggesting a slight easing of market caution. The simultaneous surge in US stocks to new highs and the steep rise in Treasury yields present conflicting market forces. Bitcoin appears to be trading within a short-term range between the resistance level of $87,396 and the support at the SMA20 of $83,391. The upcoming Federal Reserve October meeting minutes will be a crucial signal for future interest rate policy.
